- Terminix revenue increased 10 percent year-over-year,
including 4 percent organically
- Organic growth of 2 percent in commercial pest control, best
organic growth in three years
- Terminix delivered customer retention improvement across all
revenue channels
- Full-year 2019 revenue guidance increased to between $2,045
and $2,060 million
- Adjusted EBITDA guidance affirmed for full-year
2019
ServiceMaster 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 2019 results.
For the quarter ended June 30, 2019, the company reported a
year-over-year revenue increase of 8 percent to $560 million with
net income of $59 million, or $0.43 per share. Adjusted EBITDA(1)
for the quarter was $131 million, versus $125 million for the same
period in 2018. Adjusted net income(2) was $68 million, or $0.50
per share, versus $45 million, or $0.33 per share, for the same
period in 2018. Both adjusted EBITDA and adjusted net income, in
the second quarter of 2018, include $11 million of costs
historically allocated to American Home Shield.
“We continue to drive strong revenue growth in all of our
businesses as we execute on our value creation strategy,” said
ServiceMaster Chief Executive Officer Nik Varty. “Our relentless
efforts on improving customer service and focus on employee
performance capabilities enabled us to deliver strong organic
revenue growth at Terminix, including the best organic growth we
have seen in more than three years in our commercial pest service
line. Improvements in customer retention and price realization
drove growth across revenue channels, which more than offset the
impact of unseasonable weather conditions. ServiceMaster Brands
grew revenue 2 percent in the quarter, including strong, targeted
growth in commercial cleaning national accounts. We continue to
build the ServiceMaster of the future by adding capabilities
through our disciplined, strategic M&A program. In line with
our commitment to innovation, we recently acquired a pest focused
technology company, which is currently driving pilot programs with
national accounts to develop electronically controlled pest
solutions. We also purchased a healthcare-focused ServiceMaster
Clean franchisee, providing key operational talent to drive our
strategy to provide sophisticated services to the faster growth
healthcare segment.”
“We continue to make meaningful progress on transforming our
business in ways that will drive sustainable strong growth and
long-term profitability. Our commitment to growing our commercial
pest management business is starting to pay dividends and we are
well positioned for continued future growth. Our transformation
team is making significant progress on the previously announced
clean sheet end-to-end reimagining of our customer experiences from
prospect to renewal. Expected benefits will include process
productivity, automated capabilities, improved employee retention,
and ultimately, improved customer retention. These essential
upgrades will create the workflow foundation of our new
ServiceMaster digital platform built with Salesforce technology
that will provide a highly differentiated customer experience and
service model.”
Consolidated Performance
Three Months Ended June
30,
Six Months Ended June
30,
$ millions
2019
2018
B/(W)
2019
2018
B/(W)
Revenue
$
560
$
520
$
41
$
1,042
$
947
$
94
YoY growth
8
%
10.0
%
Gross Margin
257
248
9
478
449
28
% of revenue
45.9
%
47.7
%
(1.8)
pts
45.9
%
47.4
%
(1.6)
pts
SG&A
151
146
(5)
287
272
(15)
% of revenue
(26.9)
%
(28.1)
%
1.2
pts
(27.5)
%
(28.7)
%
1.1
pts
Income from Continuing Operations
before Income Taxes
80
59
21
159
82
77
% of revenue
14.3
%
11.3
%
3.0
pts
15.2
%
8.6
%
6.6
pts
Net Income
59
96
(37)
129
136
(8)
% of revenue
10.5
%
18.5
%
(7.9)
pts
12.3
%
14.4
%
(2.0)
pts
Adjusted Net Income(2)
68
45
23
112
73
40
% of revenue
12.1
%
8.6
%
3.5
pts
10.8
%
7.7
%
3.1
pts
Adjusted EBITDA(1)
131
125
7
240
222
18
% of revenue
23.5
%
24.0
%
(0.6)
pts
23.0
%
23.4
%
(0.4)
pts
Net Cash Provided from Operating
Activities from Continuing Operations
68
54
13
158
138
20
Free Cash Flow(3)
62
45
17
143
110
33
Segment Performance
Revenue and Adjusted EBITDA for each reportable segment and
Corporate were as follows:
Three Months Ended June
30,
Six Months Ended June
30,
Revenue
Adjusted EBITDA
Revenue
Adjusted EBITDA
$ millions
2019
B/(W) vs. PY
2019
B/(W) vs. PY
2019
B/(W) vs. PY
2019
B/(W) vs. PY
Terminix
$
495
$
39
$
106
$
(4)
$
914
$
90
$
189
$
(8)
YoY growth / % of revenue
9
%
21.4
%
(2.8)
pts
11.0
%
20.6
%
(3.2)
pts
ServiceMaster Brands
65
2
24
—
128
4
47
1
YoY growth / % of revenue
2
%
37.2
%
(0.2)
pts
3.5
%
37.0
%
(0.6)
pts
Corporate(4)
—
—
1
—
1
—
4
3
Costs historically allocated to
American Home Shield
—
—
—
11
—
—
—
22
Total
$
560
$
41
$
131
$
7
$
1,042
$
94
$
240
$
18
YoY growth / % of revenue
8
%
23.5
%
(0.6)
pts
10.0
%
23.0
%
(0.4)
pts
Reconciliations of net income to adjusted net income and
adjusted EBITDA, as well as a reconciliation of net cash provided
from operating activities from continuing operations to free cash
flow, are set forth below in this press release.
Terminix
Terminix reported 10 percent year-over-year revenue growth in
the second quarter of 2019, including more than 4 percent organic
growth. Pricing and customer retention gains in all revenue
channels more than offset lower recurring and one-time unit sales
in the period, partially due to unseasonal weather conditions.
Acquisition revenue growth of 5 percent included strong
year-over-year growth from the January 2019 acquisition of Assured
Environments. Revenue growth for the three months ended June 30,
2019 was negatively impacted by approximately $3 million due to wet
weather conditions and flooding that affected low-margin product
sales and lead flow, primarily for termite completion revenue.
Adjusted EBITDA in the second quarter decreased by $4 million
year-over-year, led by $6 million of investments in growth and
productivity initiatives as well as, $4 million in spin related
dis-synergies. These costs were partially offset by flow-through
from higher acquisition and organic revenue.
ServiceMaster Brands
ServiceMaster Brands reported a $2 million, or 2 percent,
year-over-year revenue increase in the second quarter of 2019.
Growth in the quarter included 16 percent growth in commercial
cleaning national accounts as well a 24 percent increase in
insurance program revenue as the company continues to focus on
adding value to franchisee partners.
Adjusted EBITDA in the second quarter was flat to prior
year.
Corporate
Corporate contributed $1 million in adjusted EBITDA in the three
months ended June 30, 2019, primarily related to continued
favorability in claims results related to the company’s workers’
compensation, auto and general liability program.
Historically Allocated Services
The American Home Shield segment, which was separated in a
tax-free transaction on October 1, 2018, is reported in
discontinued operations for all periods.
The company has historically incurred the cost of certain
corporate-level activities that we performed on behalf of our
businesses, including American Home Shield, such as executive
functions, communications, public relations, finance and
accounting, tax, treasury, internal audit, human resources
operations and benefits, risk management and insurance, supply
management, real estate management, legal, marketing, facilities,
information technology and other general corporate support
services. The cost of such activities were historically allocated
to our segments, including American Home Shield. Certain corporate
expenses which were historically allocated to the American Home
Shield segment are not permitted to be classified as discontinued
operations under U.S. GAAP (“Historically Allocated Services”).
Such Historically Allocated Services amounted to $11 million and
$22 million for the three and six months ended June 30, 2018.
The costs of Historically Allocated Services which were not
transferred to American Home Shield are borne by our remaining
businesses as dis-synergies. We continue to estimate total
dis-synergies to be approximately $18 million in 2019.
Share Repurchase Plan
On February 19, 2019, our Board of Directors approved a
three-year extension to the company’s share repurchase plan
allowing up to $150 million of repurchases through February 2022.
During the three months ended June 30, 2019, the company purchased
286,335 shares at average price of $51.30 for a total of $15
million. As of June 30, 2019, there remains $134 million of
capacity under the share repurchase plan.
Frontdoor Share Monetization Debt Reduction
In the six months ended June 30, 2019, we monetized 16.7 million
shares of frontdoor common stock we retained after the spin-off,
resulting in net proceeds of $486 million, substantially all of
which was used to reduce debt. This debt reduction lowers our net
leverage ratio to 2.6 times adjusted EBITDA, well within our
targeted net leverage range of 2.5 to 3.0 times adjusted
EBITDA.
Free Cash Flow
Free cash flow was $143 million for the six months ended June
30, 2019 compared to $110 million for the six months ended June 30,
2018. The $33 million improvement was driven primarily by lower
property additions compared to prior year due to our Global Service
Center relocation in 2018, and a decrease in cash interest as a
result of debt reductions in 2019. For the six months ended June
30, 2019 free cash flow to adjusted EBITDA conversion was 60
percent. The company expects free cash flow to range between 55 to
60 percent of adjusted EBITDA for the full year of 2019.
Full-Year 2019 Outlook
The company has increased full-year 2019 revenue guidance to
range from $2,045 million to $2,060 million, or an increase of 8
percent compared to 2018. Organic revenue growth at Terminix is
expected to range from 2 to 3 percent. ServiceMaster Brands will
continue to focus on driving growth in commercial cleaning national
accounts and is expected to increase revenue in the mid-single
digits.
The company has reaffirmed full-year 2019 adjusted EBITDA
guidance between $435 million and $445 million. Increased
investments in growth and productivity at Terminix reduce
incremental margins to approximately 20 percent, excluding
incremental spin dis-synergies of $11 million and $9 million of
investments related to the Salesforce implementation.
A reconciliation of the forward-looking 2019 adjusted EBITDA
outlook to net income is not being provided, as the company does
not currently have sufficient data to accurately estimate the
variables and individual adjustments for such reconciliation.
Second-Quarter 2019 Earnings Conference Call
The company will hold a conference call to discuss its
second-quarter 2019 financial and operating results at 8 a.m.
central time (9 a.m. eastern time) on Tuesday, August 6, 2019.
Participants may join this conference call by dialing
800.707.7561 (or international participants, +1.312.281.2959).
Additionally, the conference call will be available via webcast. A
slide presentation highlighting the company’s results will also be
available. To participate via webcast and view the presentation,
visit the company’s investor relations home page.
The call will be available for replay until September 5, 2019.
To access the replay of this call, please call 800.633.8284 and
enter reservation number 21926972 (international participants:
+1.402.977.9140, reservation number 21926972). Or you can review
the webcast on the company’s investor relations home page.
About ServiceMaster
ServiceMaster Global Holdings, Inc. is a leading provider of
termite and pest control, cleaning and restoration services in both
the residential and commercial markets, operating through an
extensive service network of more than 8,000 company-owned
locations and franchise and license agreements. The company’s
portfolio of well-recognized brands includes AmeriSpec (home
inspections), Copesan (commercial national accounts pest
management), Furniture Medic (cabinet and furniture repair), Merry
Maids (residential cleaning), ServiceMaster Clean (commercial
cleaning), ServiceMaster Restore (restoration and reconstruction),
Terminix (termite and pest control), and Terminix Commercial
(commercial termite and pest control). The company is headquartered
in Memphis, Tenn. Go to www.servicemaster.com for more information about
ServiceMaster or follow the company at twitter.com/ServiceMaster or Facebook.com/ServiceMaster.
Information Regarding Forward-Looking Statements
This press release contains forward-looking statements and
cautionary statements, including 2019 revenue, organic revenue
growth, adjusted EBITDA and incremental margin outlook and
projections. Forward-looking statements can be identified by the
use of forward-looking terms such as “believes,” “expects,” “may,”
“will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,”
“projects,” “is optimistic,” “intends,” “plans,” “estimates,”
“anticipates” or other comparable terms. Forward-looking statements
are subject to known and unknown risks and uncertainties, many of
which may be beyond our control, including, without limitation, the
risks and uncertainties discussed in the “Risk Factors” and
“Information Regarding Forward-Looking Statements” sections in the
company’s reports filed with the U.S. Securities and Exchange
Commission. Such risks, uncertainties and changes in circumstances
include, but are not limited to: lawsuits, enforcement actions and
other claims by third parties or governmental authorities;
compliance with, or violation of environmental health and safety
laws and regulations; weakening general economic conditions;
weather conditions and seasonality; the success of our business
strategies, and costs associated with restructuring initiatives. We
caution you that forward-looking statements are not guarantees of
future performance or outcomes and that actual performance and
outcomes, including, without limitation, our actual results of
operations, financial condition and liquidity, and the development
of the market segments in which we operate, may differ materially
from those made in or suggested by the forward-looking statements
contained in this press release. The company assumes no obligation
to update the information contained herein, which speaks only as of
the date hereof.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures.
Non-GAAP measures should not be considered as an alternative to
GAAP financial measures. Non-GAAP measures may not be calculated
like or comparable to similarly titled measures of other companies.
See non-GAAP reconciliations below in this press release for a
reconciliation of these measures to the most directly comparable
GAAP financial measures. adjusted EBITDA, adjusted net income,
adjusted earnings per share and free cash flow are not measurements
of the company’s financial performance under GAAP and should not be
considered as an alternative to net income, net cash provided by
operating activities from continuing operations or any other
performance or liquidity measures derived in accordance with GAAP.
Management uses these non-GAAP financial measures to facilitate
operating performance and liquidity comparisons, as applicable,
from period to period. We believe these non-GAAP financial measures
are useful for investors, analysts and other interested parties as
they facilitate company-to-company operating performance and
liquidity comparisons, as applicable, by excluding potential
differences caused by variations in capital structures, taxation,
the age and book depreciation of facilities and equipment,
restructuring initiatives and equity-based, long-term incentive
plans.
_______________________________________________
(1) Adjusted EBITDA is defined as net income before: (gain) loss
from discontinued operations, net of income taxes; provision for
income taxes; interest expense; depreciation and amortization
expense; acquisition-related costs; fumigation related matters;
non-cash stock-based compensation expense; restructuring charges;
loss on extinguishment of debt; and realized (gain) on investment
in frontdoor, inc. The company’s definition of adjusted EBITDA may
not be comparable to similarly titled measures of other
companies.
(2) Adjusted net income is defined as net income before:
amortization expense; fumigation related matters; restructuring
charges; acquisition-related costs; realized (gain) on investment
in frontdoor, inc.; (gain) loss from discontinued operations, net
of income taxes; loss on extinguishment of debt; and the tax impact
of the aforementioned adjustments and the impact of tax law change
on deferred taxes. The company’s definition of adjusted net income
may not be comparable to similarly titled measures of other
companies. Adjusted earnings per share is calculated as adjusted
net income divided by the weighted-average diluted common shares
outstanding.
(3) Free cash flow is defined as net cash provided from
operating activities from continuing operations less property
additions, net of government grant fundings for property
additions.
(4) Corporate includes the unallocated expenses of our corporate
functions.
SERVICEMASTER GLOBAL HOLDINGS,
INC.
Consolidated Statements of
Operations and Comprehensive Income
(In millions, except per share
data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Revenue
$
560
$
520
$
1,042
$
947
Cost of services rendered and products
sold
303
272
564
498
Selling and administrative expenses
151
146
287
272
Amortization expense
6
5
12
8
Acquisition-related costs
3
1
4
1
Fumigation related matters
(1)
—
—
—
Restructuring charges
3
—
10
12
Realized (gain) on investment in
frontdoor, inc.
—
—
(40)
—
Interest expense
18
37
45
75
Interest and net investment income
(3)
(1)
(4)
(1)
Loss on extinguishment of debt
—
—
6
—
Income from Continuing Operations
before Income Taxes
80
59
159
82
Provision for income taxes
21
19
30
26
Income from Continuing
Operations
59
40
129
56
Gain (loss) from discontinued operations,
net of income taxes
—
56
(1)
80
Net Income
$
59
$
96
$
129
$
136
Total Comprehensive Income
$
55
$
99
$
123
$
149
Weighted-average common shares outstanding
- Basic
136.0
135.5
135.9
135.4
Weighted-average common shares outstanding
- Diluted
136.5
135.8
136.4
135.7
Basic Earnings Per Share:
Income from Continuing Operations
$
0.44
$
0.29
$
0.95
$
0.42
Gain (loss) from discontinued operations,
net of income taxes
—
0.42
—
0.59
Net Income
0.43
0.71
0.95
1.01
Diluted Earnings Per Share:
Income from Continuing Operations
$
0.43
$
0.29
$
0.95
$
0.42
Gain (loss) from discontinued operations,
net of income taxes
—
0.42
—
0.59
Net Income
0.43
0.71
0.94
1.00
SERVICEMASTER GLOBAL HOLDINGS,
INC.
Consolidated Statements of
Financial Position
(In millions, except share
data)
As of
As of
June 30,
December 31,
2019
2018
Assets:
Current Assets:
Cash and cash equivalents
$
228
$
224
Investment in frontdoor, inc.
—
445
Receivables, less allowances of $24 and
$21, respectively
210
186
Inventories
41
45
Prepaid expenses and other assets
76
61
Total Current Assets
555
962
Other Assets:
Property and equipment, net
198
201
Operating lease right-of-use assets
101
—
Goodwill
2,038
1,956
Intangible assets, primarily trade names,
service marks and trademarks, net
1,625
1,588
Restricted cash
89
89
Notes receivable
47
43
Long-term marketable securities
19
21
Deferred customer acquisition costs
92
77
Other assets
43
87
Total Assets
$
4,806
$
5,023
Liabilities and Stockholders'
Equity:
Current Liabilities:
Accounts payable
$
115
$
89
Accrued liabilities:
Payroll and related expenses
56
60
Self-insured claims and related
expenses
57
58
Accrued interest payable
15
14
Other
59
61
Deferred revenue
101
95
Current portion of lease liability
17
—
Current portion of long-term debt
53
49
Total Current Liabilities
473
425
Long-Term Debt
1,252
1,727
Other Long-Term Liabilities:
Deferred taxes
485
484
Other long-term obligations, primarily
self-insured claims
152
182
Long-term lease liability
116
—
Total Other Long-Term Liabilities
752
666
Commitments and Contingencies
Stockholders' Equity:
Common stock $0.01 par value (authorized
2,000,000,000 shares with 147,798,557 shares issued and 135,953,492
outstanding at June 30, 2019 and 147,209,928 shares issued and
135,687,558 outstanding at December 31, 2018)
2
2
Additional paid-in capital
2,326
2,309
Retained Earnings
285
156
Accumulated other comprehensive (loss)
income
(1)
5
Less common stock held in treasury, at
cost (11,845,065 shares at June 30, 2019 and 11,552,370 shares at
December 31, 2018)
(283)
(267)
Total Stockholders' Equity
2,329
2,204
Total Liabilities and Stockholders'
Equity
$
4,806
$
5,023
SERVICEMASTER GLOBAL HOLDINGS,
INC.
Consolidated Statements of
Cash Flows
(In millions)
Six Months Ended
June 30,
2019
2018
Cash and Cash Equivalents and
Restricted Cash at Beginning of Period
$
313
$
563
Cash Flows from Operating Activities
from Continuing Operations:
Net Income
129
136
Adjustments to reconcile net income to net
cash provided from operating activities:
Loss (gain) from discontinued operations,
net of income taxes
1
(80)
Depreciation expense
37
35
Amortization expense
12
8
Amortization of debt issuance costs
2
3
Amortization of lease right-of-use
assets
9
—
Payments on fumigation related matters
(1)
—
Realized (gain) on investment in
frontdoor, inc.
(40)
—
Loss on extinguishment of debt
6
—
Deferred income tax provision
8
10
Stock-based compensation expense
8
8
Gain on sale of marketable securities
(1)
—
Restructuring charges
10
12
Payments for restructuring charges
(11)
(8)
Other
(8)
(4)
Change in working capital, net of
acquisitions:
Receivables
(18)
(4)
Inventories and other current assets
(12)
(25)
Accounts payable
27
25
Deferred revenue
4
6
Accrued liabilities
(7)
(6)
Accrued interest payable
1
(2)
Current income taxes
5
22
Net Cash Provided from Operating
Activities from Continuing Operations
158
138
Cash Flows from Investing Activities
from Continuing Operations:
Property additions
(15)
(35)
Government grant fundings for property
additions
—
7
Sale of equipment and other assets
—
1
Business acquisitions, net of cash
acquired
(119)
(149)
Sales and maturities of available-for-sale
securities
3
—
Origination of notes receivable
(58)
(54)
Collections on notes receivable
68
49
Net Cash Used for Investing Activities
from Continuing Operations
(121)
(182)
Cash Flows from Financing Activities
from Continuing Operations:
Borrowings of debt
600
—
Payments of debt
(624)
(110)
Repurchase of common stock
(17)
—
Issuance of common stock
9
6
Net Cash Provided from (Used for)
Financing Activities from Continuing Operations
(32)
(104)
Cash Flows from Discontinued
Operations:
Cash (used for) provided from operating
activities
(2)
141
Cash used for investing activities
—
(13)
Cash used for financing activities
—
(6)
Net Cash (Used for) Provided from
Discontinued Operations
(2)
122
Cash Increase (Decrease) During the
Period
3
(25)
Cash and Cash Equivalents and
Restricted Cash at End of Period
$
316
$
538
The following table presents reconciliations of net income to
adjusted net income.
Three Months Ended
Six Months Ended
June 30,
June 30,
(In millions)
2019
2018
2019
2018
Net Income
$
59
$
96
$
129
$
136
Amortization expense
6
5
12
8
Acquisition-related costs
3
1
4
1
Fumigation related matters
(1)
—
—
—
Restructuring charges
3
—
10
12
Realized (gain) on investment in
frontdoor, inc.
—
—
(40)
—
(Gain) loss from discontinued operations,
net of income taxes
—
(56)
1
(80)
Loss on extinguishment of debt
—
—
6
—
Tax impact of adjustments
(2)
(2)
(8)
(6)
Adjusted Net Income
$
68
$
45
$
112
$
73
Weighted-average diluted common shares
outstanding
136.5
135.8
136.4
135.7
Adjusted earnings per share
$
0.50
$
0.33
$
0.82
$
0.54
The following table presents reconciliations of net cash
provided from operating activities from continuing operations to
free cash flow.
Three Months Ended
June 30,
(In millions)
2019
2018
Net Cash Provided from Operating
Activities from Continuing Operations
$
68
$
54
Property additions and Government grant
fundings for property additions
(6)
(9)
Free Cash Flow
$
62
$
45
The following table presents reconciliations of net income to
Adjusted EBITDA.
Three Months Ended
Six Months Ended
June 30,
June 30,
(In millions)
2019
2018
2019
2018
Net income
$
59
$
96
$
129
$
136
Depreciation and amortization expense
24
23
49
44
Acquisition-related costs
3
1
4
1
Fumigation related matters
(1)
—
—
—
Non-cash stock-based compensation
expense
4
4
8
8
Restructuring charges
3
—
10
12
Realized (gain) on investment in
frontdoor, inc.
—
—
(40)
—
(Gain) loss from discontinued operations,
net of income taxes
—
(56)
1
(80)
Provision for income taxes
21
19
30
26
Loss on extinguishment of debt
—
—
6
—
Interest expense
18
37
45
75
Adjusted EBITDA
$
131
$
125
$
240
$
222
Terminix
$
106
$
110
$
189
$
196
ServiceMaster Brands
24
24
47
46
Corporate
1
2
4
1
Costs historically allocated to American
Home Shield
—
(11)
—
(22)
Adjusted EBITDA
$
131
$
125
$
240
$
222
Terminix Segment
Revenue by service line is as follows:
Three Months Ended
June 30,
(In millions)
2019
2018
Growth
Acquired
Organic
Residential Pest Control
$
187
$
166
$
22
13
%
$
11
7
%
$
10
6
%
Commercial Pest Control
100
88
11
13
%
10
11
%
2
2
%
Termite and Home Services
171
163
8
5
%
2
2
%
6
4
%
Other
25
24
1
2
%
—
—
%
1
2
%
$
483
$
441
$
42
10
%
$
24
5
%
$
18
4
%
Fumigation
12
15
(3)
(20)
%
—
—
%
(3)
(20)
%
Total revenue
$
495
$
456
$
39
9
%
$
24
5
%
$
15
3
%
ServiceMaster Brands Segment
Revenue by service line is as follows:
Three Months Ended
% of
% of
June 30,
Revenue
Revenue
(In millions)
2019
2018
2019
2018
Royalty Fees
$
35
$
35
53
%
55
%
Commercial Cleaning National Accounts
19
16
29
26
Sales of Products
3
4
5
6
Other
8
8
13
13
Total revenue
$
65
$
64
100
%
100
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190806005322/en/
Investor Relations: Jesse Jenkins 901.597.8259
Jesse.Jenkins@servicemaster.com Media: James Robinson
901.597.7521 James.Robinson@servicemaster.com
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