{
  "docId": "019dd923-622c-750b-8b99-6874fa144d61",
  "docSlug": "addbfd9bdf8e",
  "documentTitle": "Rollins Inc. (ROL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-10-04 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 73,
  "pageCount": 89,
  "prevPage": 72,
  "nextPage": 74,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 10,
  "notes": "The slide uses a quote from a 2019 earnings call to frame the contradiction against the revenue data.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "bar_chart_grouped",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-6874fa144d61/73",
  "deckHref": "/decks/019dd923-622c-750b-8b99-6874fa144d61",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-6874fa144d61.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-6874fa144d61#slide-73",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.28,
        "x": 0.7,
        "y": 0.83
      },
      "kind": "callout",
      "text": "Declining growth started in 2018 and continued into 2019. Management no longer talks about bed bugs.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "feaf30cc-759b-4c7f-b958-82a5b77c1ade",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.53,
        "x": 0.44,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Bed Bug Revenue History (in millions)",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b6c783d-f1d8-44ec-9feb-08c5e1cbe9a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Bed Bug Revenue: $81.4",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bea-60343e956853",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.96,
        "x": 0.02,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "What happened to bed bugs? Rollins talked about it as a strategic growth opportunity, but it appears to have fizzled. Growth started declining in 2018 – 2019 and now management no longer reports revenues.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d118d0b5-9d7e-42d7-93f3-c0e08cf96a9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.28,
        "x": 0.13,
        "y": 0.52
      },
      "kind": "quote",
      "text": "First, the continued growth of our mosquito program at over 30% rate has more than offset the slowdown in our one-time bed bug business and helped our residential product with continued strong growth.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a512895-d0dd-4370-b5e9-b05cd33cdf3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"First, the continued growth of our mosquito program at over 30% rate has more than offset the slowdown in our one-time bed bug business and helped our residential product with continued strong growth.\" — COO Wilson, Q4 2019",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bea-5c69a11606cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.02,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "Source: Q4 2019 Call",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "101a14cd-6e16-4105-a6ff-a22f0ca0b432",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.38,
        "x": 0.315,
        "y": 0.05
      },
      "kind": "title",
      "text": "What Happened To Bed Bugs?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96937bf1-6aae-4fa1-99b4-87f4d27dfd06",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "2aa0664b-79a4-4773-9034-5195e686595a",
      "evidence": "Contrasts management quote with actual revenue performance data.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 89,
      "from": 61,
      "beatId": "f9acdbb0-fdef-4e30-b2cc-699d48c0dad2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": null,
      "evidence": "The document concludes with a call to action, urging investors to sell Rollins stock due to the significant downside risk.",
      "position": 4,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}