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  "documentTitle": "Rollins Inc. (ROL)",
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  "notes": "Uses a 'before-after' comparison of disclosure practices to argue for lack of transparency.",
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      "text": "Spruce Point is always concerned when public companies become more opaque, especially when it comes to revenue reporting. Rollins prominently describes itself as a “family of brands” but no longer provides revenue by brand.",
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      "text": "FY 2015: “In 2015, HomeTeam grew 93,000 Taexx Tubes in the Wall installs... But Then Next Year.... Question: “I was wondering if you could give an update on the size in terms of revenue of HomeTeam?” Answer: “We don't break out the size of HomeTeam...\"",
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      "text": "In 2015, HomeTeam grew 93,000 Taexx Tubes in the Wall installs to bring the life-to-date total to over 900,000 homes. In 2015, revenue grew 8.1%, which was primarily driven by an increase in Taexx system activation of 16.5. — FY 2015 Investor Presentation. We don't break out the size of HomeTeam at this point in time. We continue to see very positive trend. — Q3 2016 Conf Call",
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      "text": "1) Rollins has frequently said growth is above the corporate average. 2008 sales were $134 and assumed to grow 6-8% p.a.",
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      "text": "Rollins' Revenue Drivers Are More Opaque",
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