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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 'before-after' style comparison of 2013 vs 2023 claims to highlight inconsistency.",
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      "kind": "callout",
      "text": "However, the data shows that the problem may not be growing at all. In fact, even according to Rollins' own reporting, annual termite damage is flat / down in 10 years.",
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      "kind": "paragraph",
      "text": "Pest Control companies like Rollins like to play up termites as a major issue requiring their services to prevent and control. However, the data shows that the problem may not be growing at all.",
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      "text": "You think about termite, and the property damage that comes through termite is enormous. So the last thing you want to do is move away from that service.",
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      "kind": "quote",
      "text": "\"You think about termite, and the property damage that comes through termite is enormous. So the last thing you want to do is move away from that service. The risk reward equation in that is upside down. So why would you move away from termites, which is costing you? \" — CFO Krause, Wells Fargo Conf June 2023",
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      "kind": "source-note",
      "text": "Source: Rollins 2013 Presentation; Orkin (Rollins) Termite Statistics",
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      "text": "2013 Termite Claims vs 2023 Termite Claims",
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      "text": "Are Termites A Serious Growing Problem?",
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