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  "documentTitle": "Rollins Inc. (ROL)",
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  "authorName": "Spruce Point Capital Management",
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      "kind": "callout",
      "text": "Chart shows 27.8% not 8.6% growth in 2013.",
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      "text": "Spruce Point has significant concerns about Rollins’ mosquito revenue claims. For 2013, the former CFO claimed revenues were $20 million. Years later in 2018, a chart showed revenues at just $7.9 million.",
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      "text": "Mosquito Revenue History (in millions)",
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      "text": "mosquito revenue: $20 million",
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      "text": "Spruce Point has significant concerns about Rollins' mosquito revenue claims. For 2013, the former CFO claimed revenues were $20 million. Years later in 2018, a chart showed revenues at just $7.9 million. In 2014, a press release claimed mosquito revenue grew 7.8% but the same chart indicated 27.8% growth. Rollins has not provided any quantitative disclosure of mosquito revenue since 2020 which we believe signals pressures in the business.",
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      "kind": "quote",
      "text": "\"It is one service, I think it has the highest retention numbers of any of our service offerings. So we have proven to our customers over and over again that we provide a very effective mosquito service, but if there's still high skepticism, and I think it'll make up less than 2% of our business last year. It will be probably under $20 million in revenue or around $20 million of revenue.\" — CFO Cynkus, Q1 2014",
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      "kind": "source-note",
      "text": "Source: Q4 2020 Investor Presentation",
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      "text": "Source: Q4 2018 Investor Presentation",
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      "text": "Comments on Mosquito Revenue table comparing 2013, 2014, and 2016 statements.",
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      "kind": "title",
      "text": "Evidence of Inflated Revenue Claims Related To The Mosquito Business",
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