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  "documentTitle": "Rollins Inc. (ROL)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-10-04 00:00:00",
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  "notes": "Uses a 'Less Disclosure' callout to highlight the reduction in reporting granularity.",
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      "text": "While only 1% of current revenues, we don't view it as a strong growth driver to the equity story.",
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      "text": "international franchises: 14",
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      "text": "Franchise models are often loved by investors as a less capital-intensive way to expand earnings potential. However, based on our research, Rollins' franchise model has struggled. Disclosures have been reduced and international franchises recently declined by 14. While only 1% of current revenues, we don't view it as a strong growth driver to the equity story.",
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      "text": "\"Domestic is an area where Rollins has underperformed over time.\" — Former Rollins Executive",
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      "text": "Source: 10-K's and Spruce Point Interview",
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      "text": "Comparison of 2020 franchise disclosures for Orkin, Critter Control, and Australia.",
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      "text": "Declining Transparency In The Franchise Model",
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