Quarterly report [Sections 13 or 15(d)]

SEGMENT AND GEOGRAPHIC INFORMATION

v3.25.2
SEGMENT AND GEOGRAPHIC INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
The Company operates under one reportable segment which contains our residential, commercial, and termite and ancillary service offerings. The Company's chief operating decision maker ("CODM") is the chief executive officer. The CODM uses net income to assess financial performance and allocate resources. This financial metric is used by the CODM to make key operating decisions, such as the determination of the rate of growth investments and the allocation of budget between cost categories. The measure of segment assets is reported on the condensed consolidated statements of financial position as total consolidated assets.
The following table presents selected financial information with respect to the Company’s single reportable segment:


Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2025 2024 2025 2024
Revenue $ 999,527  $ 891,920  $ 1,822,031  $ 1,640,269 
Less:
Cost of services provided (exclusive of depreciation and amortization below):
Employee expenses 298,354  268,043  560,077  506,572 
Materials and supplies 59,500  57,047  107,991  101,833 
Insurance and claims 20,734  15,034  37,258  32,678 
Fleet expenses 41,834  34,653  78,691  65,351 
Other cost of services provided (1)
41,439  35,508  77,978  69,409 
Total cost of services provided (exclusive of depreciation and amortization below) $ 461,861  $ 410,285  $ 861,995  $ 775,843 
Sales, general and administrative:
Selling and marketing expenses 140,177  125,449  238,428  208,360 
Administrative employee expenses 89,303  79,417  170,783  155,195 
Insurance and claims 12,939  9,088  22,943  19,614 
Fleet expenses 10,443  9,195  19,846  16,960 
Other sales, general and administrative (2)
54,734  48,398  106,109  94,475 
Total sales, general and administrative $ 307,596  $ 271,547  $ 558,109  $ 494,604 
Depreciation and amortization 31,737  27,711  60,946  55,021 
Interest expense, net 7,380  7,775  13,176  15,500 
Other (income) expense, net (292) (412) (984) (351)
Income tax expense 49,756  45,617  82,052  75,861 
Net income $ 141,489  $ 129,397  $ 246,737  $ 223,791 

1) Other cost of services provided includes facilities costs, professional services, maintenance and repairs, software license costs, and other expenses directly related to providing services.
2) Other sales, general and administrative includes facilities costs, professional services, maintenance and repairs, software license costs, bad debt expense, and other administrative expenses.

See the consolidated financial statements for other financial information regarding the Company’s reportable segment. See Note 4, Revenue for further information on revenue.

The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized in the condensed consolidated statements of financial position were located as follows:

June 30,
2025		 December 31,
2024
(in thousands)
United States $ 506,544  $ 503,767 
International 41,886  35,546