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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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  "pageNumber": 63,
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  "notes": "The slide highlights specific line items in a financial reconciliation table that the activist firm believes are inappropriate adjustments.",
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      "text": "Spruce Point begrudges Rollins’ cavalier treatment that an $8 million civil fine related to accounting management charges should be added to EBITDA and believes it should increase investors’ skepticism about its financial reporting practices.",
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      "text": "Adjusted EBITDA: $8 million",
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      "text": "Spruce Point begrudges Rollins' cavalier treatment that an $8 million civil fine related to accounting management charges should be added to EBITDA and believes it should increase investors' skepticism about its financial reporting practices.",
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      "kind": "quote",
      "text": "Rollins failed to devise and maintain sufficient internal accounting controls to prevent and detect the improper accounting and inadequately supported, period-end journal entries described herein, resulting in the underlying violations of the federal securities laws. — SEC",
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      "text": "Source: FY 2021 Earnings Report",
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      "text": "Reconciliation of Net Income to Adjusted Net Income and EPS / EBITDA",
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      "text": "We Believe Rollins Is Flippant To SEC Compliance",
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