Terminix Reports First-Quarter 2021 Revenue Growth of Three Percent, Net Income Growth of 92 Percent and Adjusted EBITDA Growth of 50 Percent

Rhea-AI Summary

Terminix Global Holdings, Inc. (NYSE: TMX) reported unaudited first-quarter 2021 results with a 3% year-over-year revenue increase to $471 million. The net income rose by 92% to $27 million ($0.20 per share). Adjusted EBITDA climbed 50% to $90 million, while adjusted net income increased to $40 million ($0.30 per share). CEO Brett Ponton highlighted strong revenue performance due to improved customer retention and pricing strategies. Looking forward, new initiatives aim to enhance operational efficiencies and customer experience.

Positive

• 3% revenue increase to $471 million.
• 92% net income growth to $27 million ($0.20 per share).
• Adjusted EBITDA up 50% to $90 million.
• Adjusted net income increased by $28 million to $40 million ($0.30 per share).
• Strong customer retention and pricing realization.

Negative

• None.

Terminix Global Holdings, Inc. (NYSE: TMX), a leading provider of essential termite and pest management services to residential and commercial customers, today announced unaudited first-quarter 2021 results.

For the first quarter of 2021, the Company reported a year-over-year revenue increase of three percent to $471 million. Net income increased year-over-year by $13 million, or 92 percent, to $27 million, or $0.20 per share. Adjusted EBITDA⁽¹⁾ for the quarter increased year-over-year by $30 million, or 50 percent, to $90 million, and Adjusted Net Income⁽²⁾ increased by $28 million to $40 million, or $0.30 per share.

“Solid revenue growth across our major service lines and continued improvements in profitability highlighted a strong start to 2021,” said Terminix CEO Brett Ponton. “Improvements in customer retention, pricing realization and strong unit growth in our termite business were key to the strong revenue performance. Margin expansion was driven by profitable revenue growth, improved direct cost productivity, as well as benefits from initiatives to simplify our back-office structure as a more focused pest management company.”

“Looking ahead, we are excited about the launch of the Terminix Way initiative and the roll-out of our customer experience platform, or CXP,” Ponton continued. “The Terminix Way initiative will enhance standard operating procedures, develop robust training curriculums, and more clearly define career paths for our teammates, while CXP will improve our marketing capabilities and service delivery through an easy-to-use, best-in-class operating system. We remain focused on driving growth and profitability while launching these platforms that will enhance the teammate experience and improve our customer acquisition and retention capabilities. Our work over the course of this year to develop these platforms will lay the foundation needed to drive greater consistency across the business and position us to become the preferred pest management provider in the eyes of our customers, our teammates and the communities we serve.”

Consolidated Performance

Three Months Ended March 31,

FAQ

What were Terminix's first-quarter 2021 results?

Terminix reported a 3% revenue increase to $471 million and a 92% net income rise to $27 million ($0.20 per share).

How did Terminix's adjusted EBITDA perform in Q1 2021?

Adjusted EBITDA increased by 50% to $90 million in the first quarter of 2021.

What initiatives is Terminix launching in 2021?

Terminix is introducing the Terminix Way initiative and a new customer experience platform to improve operations and customer service.

What is the stock symbol for Terminix?

The stock symbol for Terminix is TMX.