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  "documentTitle": "Rollins Inc. (ROL)",
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      "kind": "callout",
      "text": "Guess what, these businesses are under pressure too!",
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      "text": "Strategic Growth Opportunity: Bed bug industry growth and recurring revenue focus.",
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      "text": "Rollins repeatedly touts its revenues as recurring as a major investing selling point, but we found at least one instance where management either exaggerated or misled investors about recurring revenue.",
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      "text": "And while that's great to get, it's not recurring and as you guys know, we really prefer that recurring revenue to build.",
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      "kind": "quote",
      "text": "\"Our business historically has been built on increasing our recurring revenue. Almost 80% of the revenue we recognize each month is for scheduled services that are on the books as of the first of the month. I'd like to think of this as the gift that keeps on giving. In a sense, we're much like the phone company or cable TV business.\" — CEO Rollins Q1 2014; \"Yes, one thing I might add, we also implemented a new pay plan for our commercial sales, people that much more greatly incentivize them to pursue recurring revenue. We kind of got hooked on that bed bug revenue for a period of time. And while that's great to get, it's not recurring and as you guys know, we really prefer that recurring revenue to build.\" — Fmr COO / Vice-Chairman Wilson On Bed Bugs",
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      "text": "Source: 2013 Presentation; Source: Q3 2019 Conf Call",
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      "text": "Rollins Has Made Dubious \"Recurring Revenue\" Claims In The Past......",
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