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  "documentTitle": "Rollins Inc. (ROL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-10-04 00:00:00",
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  "notes": "Uses a table format to juxtapose management quotes against critical questions and SEC filings.",
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      "kind": "callout",
      "text": "However, by our estimate Fox accounted for nearly all (or more) than the entire 40bps YoY improvement.",
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      "kind": "metric",
      "text": "gross margin: 40bps",
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      "text": "On its conference call, Rollins insists that Fox had a negligible (positive) impact on gross margin but would not say by how much and that underlying progress was made. However, by our estimate Fox accounted for nearly all (or more) than the entire 40bps YoY improvement. Furthermore, revenue from recent tuck-in acquisitions declined, which further calls into question recent improvements. Lastly, in the 10-Q filing with the SEC, Rollins commentary was muted and simply said, “we are making progress across our family of brands.”",
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      "kind": "quote",
      "text": "Second, our gross margins were healthy, exceeding 53% this quarter. We were positive on the price/cost equation and saw good performance across several key cost categories? — Rollins CFO",
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      "text": "Source: Rollins Q2 2023 Conference Call and 10-Q",
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      "text": "Table comparing CFO comments, Analyst questions, and 10-Q filings.",
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      "kind": "title",
      "text": "Rollins Claims That Gross Margin Is Organically Improving Despite Contrary Evidence",
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