Rollins Inc (ROL) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Rollins, Inc. third-quarter 2026 earnings conference call.

各位好，歡迎參加 Rollins, Inc. 2026 年第三季財報電話會議。

(Operator Instructions)

(接線員指示)

Please note, this conference is being recorded. I will now turn the conference over to Lyndsey Burton. Thank you, Lyndsey. You may begin.

請注意，本次會議將被錄音。現在我將把會議交給 Lyndsey Burton。謝謝你，Lyndsey。你可以開始了。

Thank you, Sam, and good morning, everyone. In addition to the earnings release that we issued yesterday, the company has also prepared a supporting slide presentation. The earnings release and presentation are available on our website at www.rollins.com.

謝謝你，Sam，各位早安。除了我們昨天發布的財報新聞稿之外，公司也準備了一份配套的簡報投影片。財報新聞稿與簡報可於我們的網站 www.rollins.com 取得。

We have included certain non-GAAP financial measures as part of our discussion this morning. The non-GAAP reconciliations are available in the appendix of today's presentation as well as in our earnings release. The company's earnings release and presentation contains certain forward-looking statements and discuss the business outlook. These particular forward-looking statements and all other statements that have been made on this call, excluding historical facts, are subject to a number of risks and uncertainties, and actual results may differ materially from any statement we make today.

今天上午的討論中，我們將包含若干非 GAAP 財務衡量指標。非 GAAP 對帳表可在今日簡報的附錄以及我們的財報新聞稿中查閱。公司的財報新聞稿與簡報包含若干前瞻性陳述，並討論業務展望。這些特定的前瞻性陳述以及本次電話會議中所作的所有其他陳述（不含歷史事實）均受多項風險與不確定性影響，實際結果可能與我們今天所作的任何陳述存在重大差異。

Please refer to the cautionary statements in yesterday's press release, today's presentation and the company's SEC filings, including the Risk Factors section of ours Form 10-K for the year ended December 31, 2025, and subsequent filings.

請參閱昨天新聞稿、今日簡報以及公司向 SEC 提交的文件中的警示性聲明，包括我們截至 2025 年 12 月 31 日止年度之 Form 10-K 的「風險因素」章節，以及其後續申報文件。

On the line with me today and speaking are Jerry Gahlhoff, President and Chief Executive Officer; and Will Harkins, Executive Vice President and Chief Financial Officer. Management will make some opening remarks, and then we'll open the line for your questions.

今天與我同線並將發言的有：總裁兼執行長 Jerry Gahlhoff，以及執行副總裁兼財務長 Will Harkins。管理團隊將先做開場致詞，之後我們將開放提問。

Jerry, would you like to begin?

Jerry，你要先開始嗎？

Thank you, Lyndsey. Good morning, everyone. I want to begin with saying that our third-quarter performance did not meet our expectations, and we are not satisfied with these results. The primary challenge continues to be pressure on residential customer acquisition.

謝謝你，Lyndsey。各位早安。我想先說，我們第三季的表現未達預期，我們對這些結果並不滿意。主要挑戰仍然是住宅客戶獲取面臨壓力。

We now have a clearer understanding of what is driving this pressure and are working with urgency to address it. The pattern has become clear. AI and LLM-driven search are meaningfully changing the way customers discover service providers. With additional data through the third-quarter, we clearly see the impact of the changing search landscape, which drove continued deceleration in digital lead flow.

我們現在對造成這項壓力的驅動因素有了更清楚的理解，並正以緊迫感著手解決。其模式已變得明確。AI 與 LLM 驅動的搜尋正在實質改變客戶發掘服務供應商的方式。隨著第三季更多數據的累積，我們清楚看到搜尋版圖變化所帶來的影響，導致數位線索流量持續減速。

Ultimately, LLMs are recommending a wider range of pest control providers. Unlike with traditional search, these recommendations vary significantly across platforms, markets and can even yield different results for the same search run on different days. The result is a more fragmented, variable, and dynamic customer discovery environment.

歸根結底，LLM 正在推薦更廣泛的害蟲防治供應商。不同於傳統搜尋，這些推薦在不同平台與市場之間差異很大，甚至同一個搜尋在不同日期執行也可能產生不同結果。其結果是客戶發掘環境更為分散、變動性更高且更具動態性。

Importantly, moderating organic growth trends have not been broad-based across our portfolio. Brands that utilize relationship-driven customer acquisition channels, including direct sales, door-to-door marketing and homebuilder partnerships, delivered stronger organic growth. HomeTeam and Fox, for example, continued to perform well, leveraging their door-to-door sales forces to deliver growth well above the overall company. These results highlight the strength of our diversified multi-brand approach and the benefits of having multiple channels to reach customers.

重要的是，放緩的有機成長趨勢並未在我們的整體品牌組合中普遍發生。採用關係導向客戶獲取渠道的品牌（包括直銷、到府行銷以及與建商合作）帶來了更強的有機成長。例如 HomeTeam 與 Fox 持續表現良好，運用其到府銷售團隊，帶來遠高於公司整體的成長。這些結果凸顯我們多元化多品牌策略的優勢，以及擁有多種觸達客戶渠道所帶來的好處。

Additionally, our recurring residential customer base is healthy, with customer count continuing to grow in the third-quarter and retention remaining strong. The relationships our frontline teammates build with customers are an important source of resilience, creating loyalty and increasing retention over time. This underscores our confidence that pest control continues to be a large, growing and highly attractive market and we believe that the current pressure is a customer acquisition and discovery challenge, not a deterioration in underlying demand for our services.

此外，我們的住宅循環性客戶基礎維持健康，第三季客戶數持續成長，留存率仍然強勁。我們第一線同仁與客戶建立的關係是韌性的重要來源，能創造忠誠度並隨時間提升留存。這也強化了我們的信心：害蟲防治仍是一個規模龐大、持續成長且極具吸引力的市場；我們認為目前的壓力屬於客戶獲取與發掘的挑戰，而非我們服務的基礎需求出現惡化。

While the slowdown was most pronounced in residential customer acquisition, we also experienced softer performance in portions of our termite, ancillary, and commercial businesses. The impact on our commercial businesses was fairly isolated to non-Orkin brands and timing in certain -- of certain onetime business. That being said, Orkin's commercial business continued to grow high single digits, reflecting the investments we have made there in expanding our commercial capabilities.

雖然放緩最明顯的是住宅客戶獲取，但我們在白蟻、附加服務以及商業業務的部分領域也出現較疲弱的表現。對我們商業業務的影響相對集中在非 Orkin 品牌，以及某些一次性業務的時點因素。即便如此，Orkin 的商業業務仍維持高個位數成長，反映我們在擴充商業能力方面所做的投資。

In our termite and ancillary business, growth was impacted to some degree by lower acquisition of new residential customers as these customers provide a source of future cross-sell opportunities within termite and ancillary categories. We also faced staffing and capacity constraints in certain markets that limited our ability to fully capitalize on available opportunities.

在白蟻與附加服務業務方面，成長在一定程度上受到新住宅客戶獲取下降的影響，因為這些客戶是未來在白蟻與附加服務類別中進行交叉銷售機會的來源。我們在部分市場也面臨人力與產能限制，降低了我們充分把握現有機會的能力。

We have a large and attractive base of existing customers that provides runway for continued cross-sell within these categories. We're also taking targeted steps to address staffing and capacity constraints in affected markets so that we can better capitalize on those opportunities over time. We remain confident in the underlying demand and growth potential of these services.

我們擁有龐大且具吸引力的既有客戶基礎，為這些類別的持續交叉銷售提供成長跑道。我們也正採取有針對性的措施，解決受影響市場的人力與產能限制，以便隨時間更好地把握這些機會。我們對這些服務的基礎需求與成長潛力仍具信心。

We're focused on controlling what we can control and are taking concrete steps to optimize our approach with respect to digital customer acquisition. Our plan is centered around three priorities. First, we're ensuring our brands show up where customers are looking. This starts with evaluating how our brands are surfaced across traditional and LLM-driven search and identifying opportunities to strengthen our presence by market and service category.

我們專注於掌控可控事項，並正採取具體步驟，優化我們在數位客戶獲取方面的方法。我們的計畫聚焦三項優先事項。第一，我們要確保客戶在尋找時能看到我們的品牌。這從評估我們的品牌在傳統搜尋與 LLM 驅動搜尋中的呈現方式開始，並找出可依市場與服務類別強化能見度的機會。

We're strengthening our visibility across traditional search and AI-driven discovery by expanding locally relevant content, improving local business listings and customer reviews, and strengthening our presence in the sources LLM platforms use to generate recommendations. This targeted data-driven approach enables us to translate the strength of our national brands into greater local visibility, more qualified leads and ultimately, new customers.

我們正透過擴充在地相關內容、改善在地商家列表與客戶評論，以及強化我們在 LLM 平台用以生成推薦之資訊來源中的存在感，來提升在傳統搜尋與 AI 驅動發掘中的能見度。這種有針對性、以數據驅動的方法，使我們能將全國性品牌的優勢轉化為更高的在地能見度、更高品質的線索，並最終帶來新客戶。

Second, we are making it easier for customers to understand what differentiates us and ultimately choose our brands. We're improving local content, increasing pricing transparency, and more clearly highlighting the service attributes that make Rollins' brands stand out, including same-day and next-day availability and the quality of our customer service. We're also working to ensure customers receive accurate, relevant information about our services whenever and wherever they are searching.

第二，我們讓客戶更容易理解我們的差異化，並最終選擇我們的品牌。我們正在改善在地內容、提高價格透明度，並更清楚凸顯使 Rollins 旗下品牌脫穎而出的服務特性，包括當日與次日可提供服務，以及我們客戶服務的品質。我們也致力於確保客戶無論在何時何地搜尋，都能獲得關於我們服務的準確且相關資訊。

And third, we are continuously testing, learning and reallocating resources accordingly. We are improving lead attribution, testing different approaches, and shifting investment towards the channel and tactics that generate qualified leads, convert them into new customers, and deliver the strongest returns. Importantly, this is not simply about spending more, but continuously evaluating where our marketing dollars generate the strongest returns and investing behind those opportunities.

第三，我們將持續測試、學習，並據此重新配置資源。我們正在改善線索歸因、測試不同方法，並將投資轉向能產生高品質線索、將其轉化為新客戶並帶來最佳報酬的渠道與策略。重要的是，這不只是單純增加支出，而是持續評估我們的行銷資金在哪裡能產生最強回報，並加碼投資於那些機會。

For example, we've begun taking advantage of new paid advertising opportunities on AI search platforms, including ChatGPT and Google Gemini, to improve our visibility. In this highly dynamic environment, our ability to be nimble and shift resources to keep pace with change is an important source of strength.

例如，我們已開始利用 AI 搜尋平台上的新型付費廣告機會，包括 ChatGPT 與 Google Gemini，以提升我們的能見度。在這個高度動態的環境中，我們保持靈活並調整資源以跟上變化的能力，是一項重要優勢。

We believe the companies that will be most successful in this changing environment are those with the resources, expertise and organizational agility to continuously test, learn and adapt as these technologies evolve.

我們相信，在這個變動中的環境裡，最成功的公司將是那些具備資源、專業能力與組織敏捷性，能隨著技術演進持續測試、學習並調整的公司。

This is not about finding a single solution and moving on. It requires ongoing optimization and our scale, diversified portfolio and financial flexibility position us particularly well to navigate these changes over time. At the same time, we are always focused on providing exceptional service to our existing customers and maintaining the strong relationships that underpin our recurring business. We are seeing some early but encouraging signs of progress from our efforts as we close the quarter.

這不是找到單一解方就結束的事情。它需要持續優化，而我們的規模、多元化組合與財務彈性，使我們特別有利於在時間推移中因應這些變化。同時，我們始終專注於為既有客戶提供卓越服務，並維持支撐我們循環性業務的強大關係。在本季接近尾聲之際，我們已從相關努力中看到一些初步但令人鼓舞的進展跡象。

That said, we have not reached stabilization, and there is more work ahead to translate improving search visibility into new customers and sustained growth. We recognize that the customer discovery landscape may be changing structurally, and we are not assuming a return to historical patterns. We're moving quickly to adapt and our resources, scale and flexibility will give us multiple ways to respond as the environment evolves.

話雖如此，我們尚未達到穩定狀態，未來仍有更多工作要做，才能將搜尋能見度的改善轉化為新客戶與可持續的成長。我們認知到客戶發掘（customer discovery）的版圖可能正在發生結構性變化，因此我們不會假設會回到過往的歷史模式。我們正迅速調整，而我們的資源、規模與彈性，將使我們在環境演變時擁有多種應對方式。

Our long-term confidence in Rollins has not changed. Our highly recurring business model, strong customer relationships, diversified portfolio and experienced and committed team position us well to navigate evolving market conditions and drive long-term success. We faced challenges before, and our team has consistently demonstrated the ability to adapt, execute and emerge stronger. I have every confidence in our ability to rise to this challenge as well.

我們對 Rollins 的長期信心並未改變。我們高度經常性（recurring）的商業模式、穩固的客戶關係、多元化的產品組合，以及經驗豐富且投入的團隊，使我們能夠妥善因應不斷變化的市場狀況並推動長期成功。我們過去也曾面臨挑戰，而我們的團隊一再展現出適應、執行並變得更強的能力。我完全有信心，我們也能迎接這次挑戰。

I'd like to thank our 20,000-plus teammates around the world for their hard work and dedication to serving our customers every day. I'll now turn the call over to Will.

我要感謝全球超過 20,000 位同仁，每天辛勤工作並致力於服務客戶。接下來我把電話會議交給 Will。

Thanks, Jerry, and good morning, everyone. I'll walk through our third-quarter financial results and discuss the key drivers of performance, along with our priorities for improvement.

謝謝你，Jerry，各位早安。我將說明我們第三季的財務結果，並討論績效的關鍵驅動因素，以及我們的改善重點。

Total revenue increased 6.2%, including organic growth of 4.4%, which was below our expectations for the quarter. As Jerry discussed, continued pressure on residential customer acquisition was the primary challenge during the quarter. We also experienced softer performance in portions of our termite and ancillary businesses as well as our commercial business.

總營收成長 6.2%，其中內生成長（organic growth）為 4.4%，低於我們對本季的預期。如 Jerry 所述，住宅客戶獲取（acquisition）持續承壓，是本季的主要挑戰。我們也在白蟻與附屬業務（ancillary businesses）的部分領域，以及商業業務方面，看到較疲弱的表現。

Performance was affected by fewer new residential customers entering the cross-sell pipeline, along with staffing and capacity constraints in certain markets that limited conversion of available demand. In the third-quarter, residential revenues increased 4.9%. Commercial pest control increased 7.7%, and termite and ancillary increased 6.5%. Organic growth across the portfolio was 2.3% in residential, 6.6% in commercial and 5.3% in termite and ancillary.

績效受到影響，原因包括進入交叉銷售（cross-sell）管線的新住宅客戶減少，以及部分市場的人力配置與產能限制，導致可得需求的轉換率受限。第三季住宅營收成長 4.9%。商業害蟲防治成長 7.7%，白蟻與附屬業務成長 6.5%。整體組合的內生成長為：住宅 2.3%、商業 6.6%、白蟻與附屬業務 5.3%。

Turning to profitability. We continue to focus on managing factors within our control, taking steps to align our cost structure with current demand while continuing to invest in the people and capabilities that support service quality and long-term growth. In an environment where customer acquisition trends remain dynamic, maintaining an appropriately aligned cost structure is particularly important.

接著談獲利能力。我們持續聚焦於管理可控因素，採取措施使成本結構與目前需求相匹配，同時持續投資於支持服務品質與長期成長的人才與能力。在客戶獲取趨勢仍具動態變化的環境下，維持適當匹配的成本結構尤其重要。

We are focused not only on restoring stronger organic growth, but also on ensuring that our operating expenses reflect current business volumes, allowing us to protect profitability while preserving the flexibility to invest over the long term.

我們不僅專注於恢復更強勁的內生成長，也確保營運費用能反映目前的業務量，使我們在保護獲利能力的同時，保留長期投資的彈性。

Gross margin was 53.5%, a decrease of 90 basis points year-over-year, primarily reflecting higher insurance and claims costs as well as fuel-related headwinds. Following the lower volumes in the second-quarter, we took proactive steps to better align staffing with demand, resulting in a 30 basis point year-over-year improvement in employee expenses.

毛利率為 53.5%，年減 90 個基點，主要反映保險與理賠成本上升，以及燃油相關的不利因素。在第二季業務量較低之後，我們主動採取措施，使人力配置更貼近需求，帶動員工費用年增率改善 30 個基點。

Materials and supplies contributed an additional 10 basis points of leverage. Insurance and claims costs drove 100 basis points of deleverage, primarily reflecting higher claims costs against a favourable prior year comparison. And fleet costs represented 40 basis points of headwind, driven primarily by fuel and lower gains on vehicles. Fuel costs represented approximately 1.9% of sales in the third-quarter, and we continue to expect fuel costs to remain below 2% of sales for 2026. Customer response to our recent price increase has been favourable and we expect to be positive on price/cost for the year.

材料與用品帶來額外 10 個基點的槓桿效益。保險與理賠成本造成 100 個基點的去槓桿（deleverage），主要反映理賠成本上升，且去年同期比較基期較有利。車隊成本帶來 40 個基點的不利影響，主要由燃油成本與車輛處分收益下降所致。第三季燃油成本約占銷售額的 1.9%，我們仍預期 2026 年燃油成本將維持在銷售額 2% 以下。客戶對我們近期調價的反應良好，我們預期今年價格/成本（price/cost）將呈正向。

Quarterly SG&A costs as a percentage of revenue increased 60 basis points compared with the prior year as higher insurance and fuel costs were partially offset by our continued focus on cost management and improvements in employee expenses. We saw 10 basis points of leverage in selling and marketing expenses and administrative employee expenses also improved by 10 basis points.

以營收百分比衡量，季度 SG&A 費用較去年增加 60 個基點；較高的保險與燃油成本，部分被我們持續的成本管理與員工費用改善所抵銷。我們在銷售與行銷費用上看到 10 個基點的槓桿效益，行政人員費用也改善 10 個基點。

Insurance and claim costs represented a 60 basis point headwind, primarily reflecting higher claims expenses against a favourable prior year comparison while higher fleet costs contributed an additional 20 basis points.

保險與理賠成本帶來 60 個基點的不利影響，主要反映理賠費用上升，且去年同期比較基期較有利；同時較高的車隊成本額外帶來 20 個基點的不利影響。

Third-quarter GAAP operating income was $223 million, a decrease of 1% year-over-year. Adjusted operating income was $231 million, a decrease of 0.6% compared with the prior year. third-quarter adjusted EBITDA was $257 million, a decrease of 0.7% versus last year, representing a margin of 23.5%. Our adjusted incremental EBITDA margin was negative 2.8%. Normalizing for the benefit we saw in insurance and claims in the third-quarter of last year and the unfavourable impacts this quarter, the company's incremental margin would have exceeded 25%.

第三季 GAAP 營業利益為 2.23 億美元，年減 1%。調整後營業利益為 2.31 億美元，較去年下降 0.6%。第三季調整後 EBITDA 為 2.57 億美元，較去年下降 0.7%，對應利潤率為 23.5%。我們的調整後增量 EBITDA 利潤率（incremental EBITDA margin）為負 2.8%。若將去年第三季保險與理賠的有利因素，以及本季的不利影響進行常態化（normalizing），公司增量利潤率將超過 25%。

The effective tax rate was 25.7% in the quarter compared with 24.8% last year. Despite the slight increase in the quarter, we continue to expect our full year ETR to come in under 25% for the year, down approximately 100 basis points from historical levels.

本季有效稅率為 25.7%，去年為 24.8%。儘管本季略有上升，我們仍預期全年有效稅率（ETR）將低於 25%，較歷史水準下降約 100 個基點。

Quarterly GAAP net income was $158 million or $0.33 per share. For the third-quarter, we had non-GAAP pretax adjustments associated with acquisition-related costs and other items, totalling approximately $7.3 million of pretax expenses in the quarter. Accounting for these expenses, adjusted net income for the quarter was $163 million or $0.34 per share, a decrease of 2.9% from the same period a year ago.

本季 GAAP 淨利為 1.58 億美元，或每股 0.33 美元。第三季我們有與併購相關成本及其他項目相關的非 GAAP 稅前調整，合計約 730 萬美元的稅前費用。計入這些費用後，本季調整後淨利為 1.63 億美元，或每股 0.34 美元，較去年同期下降 2.9%。

Turning to cash flow and the balance sheet. We generated operating cash flow of $242 million and free cash flow of $235 million. Cash flow performance during the quarter did benefit from the receipt of a $63 million tax refund that is associated with our tax credit planning strategy, which continues to provide meaningful cash flow and tax rate benefits.

接著談現金流與資產負債表。我們產生的營運現金流為 2.42 億美元，自由現金流為 2.35 億美元。本季現金流表現受惠於收到 6,300 萬美元的退稅，該退稅與我們的稅務抵免規劃策略相關；該策略持續帶來顯著的現金流與稅率效益。

Free cash flow conversion, measured as a percentage of income converted into cash flow, was 149% for the quarter. Excluding the $63 million tax benefit during the quarter, free cash flow conversion would have been 109%. This reflects our strength in cash generation and gives us flexibility to continue investing in the business while returning capital to shareholders.

以將收益轉換為現金流的比例衡量，自由現金流轉換率（free cash flow conversion）本季為 149%。若排除本季 6,300 萬美元的稅務利益，自由現金流轉換率將為 109%。這反映我們強勁的現金創造能力，並使我們在持續投資業務的同時，也能向股東回饋資本。

During the third-quarter, we completed 7 acquisitions totalling $27 million, paid $87 million in dividends and repurchased $120 million of shares. Our financial flexibility and conviction in the intrinsic value of our business supported more meaningful share repurchase activity in the quarter, and we will continue to evaluate future share repurchases given the health of our balance sheet.

第三季期間，我們完成 7 件併購，合計金額 2,700 萬美元；支付股利 8,700 萬美元，並回購股票 1.20 億美元。我們的財務彈性以及對公司內在價值的信念，支持我們在本季進行更具規模的股票回購；鑑於資產負債表的健全狀況，我們將持續評估未來的股票回購。

Our leverage ratio stands at 1x, and our balance sheet remains strong. Our capital allocation priorities are clear: investing in the business through accretive M&A, continuing to grow our dividend and opportunistically repurchasing shares.

我們的槓桿比率為 1 倍，資產負債表仍然強健。我們的資本配置優先順序很明確：透過具增益性的併購（accretive M&A）投資業務、持續提高股利，並在適當時機回購股票。

Earlier this week, we announced another 10% increase in our quarterly cash dividend. With this increase, we have doubled our regular dividend since the beginning of 2022. Our healthy balance sheet provides us the flexibility to pursue all these priorities when appropriate, while also investing in organic growth opportunities.

本週稍早，我們宣布將季度現金股利再提高 10%。隨著這次調升，自 2022 年初以來，我們的例行股利已翻倍。我們健康的資產負債表，讓我們在適當時機具備同時推進上述各項優先事項的彈性，並投資於內生成長機會。

We are approaching the balance of the year with discipline, transparency and a clear focus on the actions that will improve performance. Given our performance during the first nine months of the year and the visibility we have today, we are updating our full year outlook. We now expect organic growth of 4% to 6% for the year and corresponding incremental margins ranging from slightly positive to 10% for 2026. This is a highly dynamic environment, and this updated organic growth range reflects that. We want to be as clear as possible with you while being mindful about how the environment could evolve.

我們以紀律、透明度，以及對能改善績效之行動的清晰聚焦，來面對今年剩餘期間。基於今年前九個月的表現以及我們目前掌握的能見度，我們正在更新全年展望。我們目前預期全年內生成長為 4% 至 6%，並預期 2026 年對應的增量利潤率介於小幅正值至 10%。這是一個高度動態的環境，而更新後的內生成長區間也反映了這一點。我們希望在兼顧環境可能如何演變的前提下，盡可能清楚地與各位溝通。

When we provided our 6% organic growth outlook in Q2, we assumed residential lead declines would remain broadly consistent with the levels we were experiencing at that time with neither meaningful improvement nor further deterioration. Instead, volatility persisted throughout Q3 and lead volumes weakened further from Q2 levels.

當我們在第二季提供6%的有機成長展望時，我們假設住宅端線索下滑將大致維持在當時我們所經歷的水準，既不會有顯著改善，也不會進一步惡化。然而，波動在第三季期間持續存在，線索量較第二季水準進一步走弱。

As a result, our updated guidance reflects a range of outcomes based on how lead trends could evolve for the remainder of the year. The midpoint of approximately 5% growth assumes lead volumes remain below the prior year but stabilize at Q3 levels, while the low end of 4% assumes lead trends deteriorate further from Q3 levels, and the high end of 6% assumes lead volumes meaningfully improve from Q3 levels.

因此，我們更新後的指引反映了基於今年剩餘期間線索趨勢可能如何演變的不同結果區間。約5%成長的中位數假設線索量仍低於去年同期但在第三季水準企穩；4%的低端假設線索趨勢較第三季水準進一步惡化；6%的高端則假設線索量相較第三季水準有顯著改善。

We also recognize that we are entering a seasonally lower volume period, particularly in November and December, when our short-cycle residential business can be more sensitive to changes in demand and weather-related disruptions. Our updated range is intended to reflect that uncertainty and provide a transparent view of the range of potential outcomes based on the trends we are seeing today.

我們也認知到，我們正進入季節性較低量的期間，特別是11月與12月，此時我們短週期的住宅業務可能更容易受到需求變化與天候相關干擾的影響。我們更新後的區間旨在反映這種不確定性，並基於我們今天所看到的趨勢，透明呈現各種潛在結果的範圍。

Our expectation for 2% to 3% of growth from acquisitions as well as our expectation that cash flow will continue to convert at a rate above 100% remain unchanged for the year. Given the current landscape, we are going to hold off on sharing any thinking on 2027. We are currently focused on taking concrete steps to strengthen residential customer acquisition, and we will discuss 2027 when we release our Q4 and full year results.

我們對併購帶來2%至3%成長的預期，以及我們預期現金流將持續以高於100%的比率轉換，全年均維持不變。鑑於目前的環境，我們將暫緩分享任何關於2027年的想法。我們目前專注於採取具體措施以強化住宅客戶獲取，我們將在發布第四季與全年業績時再討論2027年。

Importantly, the revision to our 2026 expectations reflects our current assessment of near-term operating conditions rather than any change in our confidence in the long-term growth potential of our business. Our immediate priority is taking the right steps to successfully navigate through this dynamic environment and establishing a more stable foundation for customer acquisition. As we make progress towards that, we continue to believe the business has the potential to return to the organic growth algorithm of 7% to 8%, as outlined at our Investor Day.

重要的是，我們對2026年預期的修正反映的是我們對短期營運環境的目前評估，而非我們對公司長期成長潛力信心的任何改變。我們當前的首要任務是採取正確步驟，成功度過這個多變的環境，並為客戶獲取建立更穩定的基礎。隨著我們朝此方向取得進展，我們仍相信該業務有潛力回到我們在投資人日所概述的7%至8%有機成長算法。

In addition, we are confident in the operational opportunities that underpin our longer-term margin framework and we believe the business has potential to achieve incremental margins in the 30% to 35% range over time.

此外，我們對支撐我們較長期毛利率架構的營運機會充滿信心，並相信隨時間推移，該業務有潛力達成30%至35%區間的增量利潤率。

We recognize that our results have fallen short of expectations, and we are taking steps to improve performance through disciplined execution and a focus on the factors within our control. As Jerry outlined, we have a clear path to strengthen residential customer acquisition centered on three priorities.

我們認知到我們的結果未達預期，我們正透過嚴謹的執行與聚焦於我們可控的因素來採取措施改善表現。如Jerry所概述，我們有一條清晰的路徑來強化住宅客戶獲取，核心圍繞三項優先事項。

One, making sure our brands show up where customers are looking; two, making it easier for customers to choose Rollins' brands; and three, determining what works and investing behind it. At the same time, we remain focused on improving productivity, aligning costs with current demand, and continuing to invest in our people and capabilities that support long-term growth.

第一，確保我們的品牌出現在客戶正在搜尋的地方；第二，讓客戶更容易選擇Rollins的品牌；第三，找出有效的方法並加大投資。同時，我們仍專注於提升生產力、使成本與當前需求相匹配，並持續投資於支持長期成長的人才與能力。

We remain confident in Rollins' long-term growth opportunity. Our scale, financial flexibility and focus on disciplined execution position us well to adapt to changes in customer discovery while continuing to invest in the capabilities that support long-term growth. We believe the actions we are taking, together with the growth and productivity initiatives outlined at our May Investor Day, position us to deliver profitable growth and attractive shareholder returns that have been the hallmark of our financial performance for decades. I look forward to updating you on our progress in the quarters ahead.

我們仍對Rollins的長期成長機會充滿信心。我們的規模、財務彈性以及對嚴謹執行的專注，使我們能夠良好地適應客戶發現方式的變化，同時持續投資於支持長期成長的能力。我們相信，我們正在採取的行動，加上我們在5月投資人日所概述的成長與生產力計畫，使我們能夠實現獲利性成長與具吸引力的股東報酬，而這一直是我們數十年來財務表現的標誌。我期待在未來幾季向各位更新我們的進展。

And with that, I'll turn the call back over to Jerry.

接下來，我把電話會議交回給Jerry。

Thank you, Will. We're happy to take any questions at this time.

謝謝你，Will。我們很樂意在此時回答任何問題。

(Operator Instructions)

(接線員指示)

Tim Mulrooney, William Blair.

Tim Mulrooney，William Blair。

Yes, Jerry, Will, I've got a couple of questions here. So first unsurprisingly on lead flow. Can you talk about how residential lead flow trended through the quarter? One of your competitors this morning said that resi lead flow actually improved in September. So I'm wondering how that compares to what you saw.

是的，Jerry、Will，我這裡有幾個問題。首先，不意外地是關於線索流量。你們能談談住宅端線索流量在本季的走勢嗎？你們的一位競爭對手今天早上表示，住宅端線索流量在9月其實有所改善。所以我想了解這與你們所看到的情況相比如何。

Will, in your prepared remarks, I think you said lead flow deteriorated in the third-quarter. So -- but I'm wondering, was September worse than August, was August worse than July? Or was it more just a continuation of what you saw in the back half of last quarter? Just any comments on trends would be helpful.

Will，在你準備好的發言中，我記得你說第三季線索流量惡化了。所以——但我想問的是，9月是否比8月更差、8月是否比7月更差？或者更像是延續你們在上一季後半段看到的情況？任何關於趨勢的評論都會很有幫助。

Yes. So thanks, Tim, for your question. So coming out of Q2 and early Q3, we saw some signs of improvement. They really weren't as consistent as we would have liked. We had a lot of data in front of us in those early days and we just have a much clearer view now. So as we think about that change from Q2 and Q3, you have in April, that was a fairly normalized April in the quarter, basically 1/3 of the second-quarter was fairly normal, then it started to began to deteriorate.

是的。Tim，謝謝你的提問。從第二季結束到第三季初，我們確實看到一些改善跡象。但它們並不像我們希望的那樣一致。在那些早期階段，我們面前有大量數據，而現在我們的視角清晰得多。因此，當我們思考第二季到第三季的變化時，4月在該季度中相對正常，基本上第二季約三分之一的時間是相當正常的，之後就開始惡化。

The big difference was, for us, Q3 was consistently weak, steadily weak. Even though once in a while, we get some high spots, but the way you ended each month was pretty similar throughout the entire third-quarter. However, that said, we did see some signs of life, so to speak, when you look in September when we saw year-over-year decline in our organic website traffic had been 13% decline in August that moved to only a 4% decline in September. And that, as you know, that organic website traffic is a great predictor or indicator of leads that could come into the business.

對我們而言，最大的差異在於第三季是持續疲弱、穩定疲弱。即使偶爾會出現一些較好的時點，但每個月月底的情況在整個第三季都相當類似。不過話說回來，當你看9月時，我們確實看到一些所謂的生機：我們的自然網站流量年對年下滑幅度，8月為下滑13%，到9月縮小為僅下滑4%。而如你所知，自然網站流量是預測或指示可能進入業務的線索的一個很好的預測因子或指標。

And also, we saw in September, our organic search leads in the organic channel improved 5% since July. So we saw some of that in September as well. However, I want to caution you, this is -- we've said this is dynamic. And in the second-quarter, we saw positive signs of life. And so that's where our outlook reflects that we don't know if the things that we saw in September, improvements that we saw is that going to sustain us through the rest of the year. So we're just really cautious in how we're speaking about this at this time.

此外，我們也看到在9月，我們在自然渠道中的自然搜尋線索自7月以來改善了5%。因此，我們在9月也看到了其中一些改善。不過，我想提醒你，這——我們一直說這是動態的。而在第二季，我們也曾看到正面的生機跡象。因此，我們的展望反映出：我們不知道9月所看到的改善是否能在今年剩餘時間持續。所以此時我們在談論這件事時會非常謹慎。

Understood, Jerry. It sounds like you're being appropriately conservative given the uncertainty in the situation. And thanks for the detail on the lead flow, so it sounds like it did improve in September. Could you also comment on how lead flow trended across your specialty brands in residential? I know you have Orkin, you have your specialty brands, the specialty brands, given their lower dependence on the digital channel. I'm curious about the performance there.

了解，Jerry。聽起來在情勢不確定的情況下，你們採取了適度保守的態度。也謝謝你提供線索流量的細節，聽起來9月確實有所改善。你也能評論一下住宅端各專業品牌的線索流量走勢嗎？我知道你們有Orkin，也有你們的專業品牌；由於專業品牌對數位渠道的依賴較低，我很好奇那邊的表現如何。

So generally speaking, and I think this is where that question when we talk about it going to a wide variety of pest control companies, I wouldn't necessarily -- our kind of -- our smaller, more localized brands didn't appear to be see -- be some major benefactor just as they weren't necessarily hurt by these shifts as much as, say, an Orkin was because they go to market different and they acquire -- they don't spend as much of their time and attention in the digital channel. So I would say, if anything, it was probably more of a neutral type of impact on our non-Orkin brands compared to anything else.

一般來說，我想這也回到我們談到這件事會影響到各式各樣的病蟲害防治公司時的那個問題。我不一定會——我們較小、較在地化的品牌，看起來並沒有成為主要受益者；同樣地，它們也不像Orkin那樣受到這些轉變的影響，因為它們的市場進入方式不同，而且它們在數位渠道上投入的時間與注意力沒有那麼多。所以我會說，如果有的話，相較於其他情況，這對我們非Orkin品牌的影響可能更偏中性。

Manav Patnaik, Barclays.

Manav Patnaik，巴克萊。

This is Ronan Kennedy on for Manav. Kind of as a follow-up to some of the points discussed on Tim, but also go back at a more high level, you repeatedly referenced early but encouraging signs of progress, but also that the business has not yet reached stabilization and continue to describe this as transitory disruption in a permanently changed environment. What specifically is improving today?

我是 Ronan Kennedy，代替 Manav 發言。算是延續先前在 Tim 那邊討論的一些重點，但也回到更高層次來看：你一再提到早期但令人鼓舞的進展跡象，同時也提到業務尚未達到穩定，並持續將其描述為在永久改變的環境中出現的短暫性擾動。具體而言，今天有哪些方面正在改善？

How far are you from the level that can make you conclude that customer acquisition trends have truly stabilized? And what makes you confident that the adaptation and your priorities ultimately restore growth rather than simply make the disruption more manageable?

距離你們可以下結論、認為客戶獲取趨勢已真正穩定的水準，還有多遠？另外，什麼讓你有信心：這些調整與優先事項最終能恢復成長，而不只是讓擾動變得更容易管理？

Well, look, there's a lot of lead indicators that we can look at when we -- there's many lead sources and many sources of driving the residential business. We'll continue to monitor those lead indicators to tell us where we should invest, where we should put our dollars. And as we begin to see the lag indicator, which would be actual lead volumes increasing as a result of those, that's when we'll know that things are -- things have adjusted and things are stabilizing.

嗯，你看，我們可以觀察很多領先指標——我們有許多線索來源，也有許多推動住宅業務的來源。我們會持續監測這些領先指標，來告訴我們應該投資在哪裡、資金應該投向哪裡。而當我們開始看到落後指標——也就是實際線索量因上述投入而增加——那時我們就會知道情況已經調整到位、並正在趨於穩定。

But let me go back and say that the world has completely changed in this space. This is going to be -- to say somehow that three months from now, we think we've arrived. We have to adjust every single day going forward. So some idea that we've somehow solved this problem six months from now and everything is back to normal. I don't want to give anybody the impression that, that's exactly how this will shape out. It's just going to be a constant test, learn, adjust, going back and doing that over and over and over again and trying to be as nimble as we can as we go.

但我想回過頭說，這個領域的世界已經徹底改變了。要說三個月後我們就覺得已經到達終點——我們必須在未來每天都做調整。所以如果有人認為我們在六個月後就把這個問題解決、然後一切回到正常。我不想讓任何人有這樣的印象，覺得事情一定會如此發展。這將會是不斷地測試、學習、調整，反覆再反覆，並在過程中盡可能保持敏捷。

And Jerry, I think the team that's got the most resources has the most agility, is able to really win at the end of the day and we're best prepared for that.

而且 Jerry，我認為資源最多、敏捷度最高的團隊，最終才能真正勝出；我們在這方面準備得最好。

We've done this before.

我們以前做過這件事。

Yes. And then as a follow-up, with the laid out 4% to 6% range, that's a function of three scenarios. Is there a way to think of probability weighting those three scenarios based on the answer to the question thus far and the data you're seeing so far? And then how should we think of potential implications for the revenue base for '27, cognizant your comments that you're not really going to be guiding, but at a high level, how should we think of implications for revenue base for '27?

是的。那接著追問一下：你們提出的 4% 到 6% 區間，是由三種情境所構成。基於你目前對前面問題的回答以及你們目前看到的數據，有沒有辦法用機率加權的方式來看這三種情境？另外，對於 2027 年的營收基礎可能的影響，我們應該怎麼思考？我知道你提到你們不太會提供指引，但在高層次上，我們應該如何看待對 2027 年營收基礎的影響？

Thanks, Ronan. I'll just -- let me reiterate a little bit about how we got to the 4% to 6% outlook range. And so essentially, remember that when we issued 6% back at the end of Q2, we said that we assumed that really we were not going to see further deterioration in the business or any improvement in the business that was just going to stay steady. And so, that's how we really got to the full year 6% number.

謝謝你，Ronan。我再重申一下我們如何得出 4% 到 6% 的展望區間。基本上，請記得我們在第二季末提出 6% 時，我們的假設是：業務不會進一步惡化，也不會改善，而是維持持平。因此，我們才會得出全年 6% 的數字。

And then as we've gone through the quarter, the third-quarter, we did see that continue to deteriorate. So our assumptions now, what's underlying that range is that if things continue in the fourth-quarter, just as they did in the third-quarter, we will be in the 5% at the midpoint of that range.

然後在第三季的過程中，我們確實看到情況持續惡化。因此，我們現在這個區間背後的假設是：如果第四季延續第三季的走勢，我們會落在該區間中點約 5%。

If things meaningfully improve, we're going to -- we still -- 6% is on the table. And if things deteriorate even further, that's when the 4% to 5% range comes into the mix. So that's how the Q4 outlook is. And I'll tell you that, that's where we're putting the most focus. We just want to make sure we finish this year strong, but it's really too early for us to talk about anything in 2027 until we see how we finish Q4.

如果情況有明顯改善，我們仍然——6% 仍在可能範圍內。如果情況進一步惡化，那麼 4% 到 5% 的區間就會納入考量。這就是我們對第四季展望的看法。我也可以告訴你，我們目前最聚焦的就是這一點。我們只想確保今年能強勁收官；但在看到第四季如何收尾之前，現在談 2027 年還太早。

And Ronan, coming back to your questions related to the customer base 2027, how we start. As I mentioned, our customer base is growing. So across our organization in total, our customer base is growing. It's healthy. And so -- and at the same time, we're working hard. While all this is going on, we're also working hard at improving our customer retention.

Ronan，回到你關於 2027 年客戶基礎、以及我們如何起步的問題。如我提到的，我們的客戶基礎正在成長。因此，就整個組織總體而言，我們的客戶基礎是在成長的。這是健康的。同時——在這一切發生的同時，我們也在努力提升客戶留存率。

And we've made that -- we're beginning to make those improvements. We're seeing positivity there. I expect that to continue with the intense focus that we're putting on that, and that's another lever that we have to pull on that as well.

而我們已經——開始做出這些改善。我們在那方面看到正向訊號。我預期在我們高度聚焦之下，這會持續下去；這也是我們可以運用的另一個槓桿。

Greg Parrish, Morgan Stanley.

Greg Parrish，摩根士丹利。

So you talked about the need for being nimble. I just wanted to ask, so how long does it take to really drive change in how your brands show up in AI search, adding reviews on different sites, localizing all of your sites, Orkin sites nationally. It seems like it could take time. So maybe just help us understand the dynamic and your ability to be nimble here and how you show up.

你提到需要保持敏捷。我想問的是：要真正推動改變、讓你們的品牌在 AI 搜尋中的呈現方式改變、在不同網站增加評論、把你們所有網站在地化、以及全國性的 Orkin 網站在地化，這需要多久？看起來可能需要時間。所以也許請你幫我們理解這個動態、你們在這裡保持敏捷的能力，以及你們如何被呈現。

I'll give you a great example of how nimble -- in some ways, how easy this can be. So for example, at Orkin, Orkin typically wanted someone -- we wanted you to engage with us through a web lead or somehow engage with us on the phone through our call center. And that's where we typically would talk about price these days. And very quickly, we were able to add pricing transparency that was not being picked up on the LLMs a few months ago that is being picked up today.

我給你一個很好的例子，說明敏捷——在某些方面這其實可以很容易。例如在 Orkin，Orkin 過去通常希望——我們希望你透過網路線索與我們互動，或是透過我們的客服中心打電話與我們互動。而通常我們會在那裡談價格。而我們很快就能加入價格透明度：幾個月前 LLM 還抓不到，但今天已經能抓到了。

So really quick, easy types of adjustments that you could make where Orkin a few months ago wasn't even seen as being relevant if someone -- especially if someone was curious about price and then when you -- what we learned is that when you don't talk about price, it gives some price ranges. People -- the LLMs don't give you any credit and they assume the worst and they may go to other sources that aren't accurate about your price.

所以你可以做出非常快速、容易的調整。幾個月前，如果有人——尤其是對價格好奇的人——Orkin 甚至不會被視為相關選項；而我們學到的是，當你不談價格時，它就會給出一些價格區間。人們——LLM 不會給你任何加分，反而會做最壞假設，並可能轉向其他不準確的來源來了解你的價格。

So doing something as simple as that has made a big impact in it. We were able to do that literally in weeks. So that's an example of what we can do. So -- but that's also constantly changing, constantly evolving and that's again where test, learn, reallocate resources, adjust, test, learn, reallocate resources, adjust. That's just going to be the norm going forward.

所以做這麼簡單的事情就帶來很大的影響。我們真的在幾週內就做到了。這就是我們能做的例子。不過這也在不斷變化、不斷演進；因此又回到：測試、學習、重新配置資源、調整；測試、學習、重新配置資源、調整。這將會是未來的常態。

Okay. Great. That's helpful color. And then maybe just to touch on marketing. Just given the changing customer acquisition landscape, how are you viewing marketing spend sort of at a holistic level? And maybe more granular, I mean it seems like you might have to -- you might have more areas to attack here and spread your dollars out. So just how are you thinking about that into 2027?

好的。很好。這些補充說明很有幫助。接著也許談一下行銷。鑑於客戶獲取版圖正在改變，你們如何從整體層面看待行銷支出？再更細一點，我的意思是，看起來你們可能必須——你們可能有更多面向需要著力，並把資金分散到更多地方。所以你們如何思考一路到 2027 年的安排？

Greg, from that perspective, it's really not about us spending more in our mind. It is truly about -- Jerry was just talking about testing different things. We are going to follow -- put our money where we see the greatest returns. And so it really is about reallocating based on where we see our returns improving.

Greg，從那個角度來看，這其實不是我們在心態上要花更多錢的問題。這真正關乎的是——Jerry 剛剛在談測試不同的做法。我們會遵循——把錢投到我們看到回報最高的地方。所以這確實是根據我們看到回報改善的地方來重新配置資源。

And so there's a lot of tests that we're doing. We are certainly not being shy about putting money where we need to, but I would not assume that we are going to spend more in this environment. It is truly just making sure that we're seeing where we're getting the greatest benefit.

因此我們正在做很多測試。我們當然不會在需要投入的地方畏手畏腳，但我不會假設在這樣的環境下我們會花得更多。這真正只是確保我們看清楚在哪裡能獲得最大的效益。

Greg, importantly here, we have choices. We have a lot of choices we can make across our portfolio of brands. That's the advantage of our model. That's where our multi-brand approach, especially in residential, which is where a lot of the -- a lot of our other brands are heavily engaged in the residential space is really such an advantage for us. That's just a strong suit of ours.

Greg，重要的是，我們有選擇。在我們的品牌組合中，我們有很多可以做的選擇。這就是我們模式的優勢。這也是我們多品牌策略的優勢，尤其是在住宅端——我們許多其他品牌在住宅市場投入很深——這對我們來說確實是很大的優勢。這就是我們的強項。

Curtis Nagle, Bank of America.

Curtis Nagle，美國銀行。

I just wanted to maybe quickly go through just some of the puts and takes on the implied 4Q guide. Low end, it seems to imply, I think, kind of zero growth. Is that wholly based in resi? Could that, I guess, potentially turn negative? And I guess what are you assuming in terms of kind of the ranges for commercial and termite and ancillary? And then I have a follow-up.

我想也許快速梳理一下第 4 季指引隱含的正負因素。在低端，看起來似乎隱含著我認為大概是零成長。這完全是由住宅端所致嗎？那是否可能轉為負成長？另外，你們對商用、白蟻以及附加服務的區間假設是什麼？然後我還有一個追問。

Curtis, I would say, from all of our -- everything that we've done as we evaluated and we based our assumptions for that guide, it was that things continue exactly as you see them in Q3 to get to that 5% growth rate. So I would just say, if we continue in the same trajectory, you're at 5%. If that goes down, you're going to be at 4%, and it's got to meaningfully improve to get to that 5% to 6% range. So that is how we built the guide, and that's really all we're -- all I can tell you now.

Curtis，我會說，根據我們所做的一切——在評估並建立該指引假設時——我們的假設是情況會如同你在第 3 季看到的那樣延續，從而達到 5% 的成長率。所以我會說，如果我們沿著相同軌跡走，你就是 5%。如果走弱，你就會在 4%，而要達到 5% 到 6% 的區間，就必須有顯著改善。這就是我們建立指引的方式，而這也就是——我現在能告訴你的全部。

Okay. Fair enough. And then just maybe focusing on termite and ancillary. Just in terms of like what specifically was driving those weaker customer acquisition trends? Is it, I guess, proliferation of LLM impact? And then I guess on some of these, I think, labour shortages, just sort of what's driving that, when that could be resolved?

好的。合理。那再聚焦在白蟻與附加服務。就具體而言，是什麼在驅動那些較弱的客戶獲取趨勢？是我猜的 LLM 影響擴散嗎？另外，關於一些我認為的勞動力短缺，究竟是什麼在造成這種情況、何時可能解決？

Yes. So the -- certainly, as we mentioned, the slower residential customer volumes did reduce some of the opportunities to some degree. But some of the challenges there were really impacted more by staffing and capacity constraints in some markets where we had to get the work done.

是的。所以——如我們提到的，住宅端客戶量放緩確實在某種程度上減少了一些機會。但那裡的一些挑戰，更多其實是受到人力配置與產能限制的影響，特別是在某些市場我們必須把工作做完。

We exited the quarter with backlog that was at our high watermark for the year, which -- that's both good and bad. So that tells us there's plenty of work to be done, but we just didn't get it all completed in the third-quarter. And some of that staffing and capacity could be related to adjustments that we made in the business. Could also be just -- some markets are more challenged from a labour environment or various things happen, and that comes back to leadership and strong operational execution that we tend to be pretty strong in.

我們在季度末的積壓訂單達到今年的最高水位——這有好也有壞。這告訴我們有大量工作要做，但我們只是沒有在第三季把它全部完成。其中一部分的人力與產能問題，可能與我們在業務上做的調整有關。也可能只是——某些市場在勞動力環境上更具挑戰，或發生各種狀況；而這又回到領導力與強而有力的營運執行，而我們通常在這方面相當擅長。

But our struggle was really towards the end of the quarter. We had -- termite and ancillary was really strong in the first part of Q3 and it was September that was really disappointing. Again, we got -- we have strong backlog there, and there's plenty of work for us to get done in the fourth-quarter.

但我們的掙扎其實是在季度末。白蟻與附加服務在第三季前半段表現非常強，但 9 月真的令人失望。同樣地，我們那邊有很強的積壓訂單，第四季有很多工作可以完成。

So I'm not overly concerned about that. We really remain quite confident in the underlying demand and the need for these services. Our customers see a great deal of value in it. We still see that there's meaningful opportunities to drive growth through that large customer base that we have.

所以我不會過度擔心。我們對底層需求以及這些服務的必要性仍然相當有信心。我們的客戶在其中看到很大的價值。我們仍然看到，透過我們龐大的客戶基礎來推動成長，存在相當可觀的機會。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通。

Could you decompose the quarter's organic growth into price versus volumes? If you could give us any color overall and then by segment? And then also as LLM-driven search increases pricing transparency and simplifies comparisons, has your view of CPI plus price realization changed in any way?

你們能否把本季的內生成長拆解為價格與量的貢獻？如果可以的話，能否提供一些整體以及分部別的說明？另外，隨著 LLM 驅動的搜尋提高價格透明度並簡化比較，你們對「CPI 加成」的價格實現（price realization）看法是否有任何改變？

Tomo, I would -- when we think about the price versus volume equation, what I would tell you is that we do continue to see ourselves as a CPI-plus business. We're an essential business, and so that is going to be in the 2% to 3% range of -- or 3% to 4% range for pricing. And that's -- the only thing I want to make sure that you have color there is that that is across the entire portfolio.

Tomo，當我們思考價格與量的關係時，我會告訴你的是，我們確實仍把自己視為一個「CPI 加成」型的業務。我們是必需性服務，因此定價大概會在 2% 到 3% 的區間——或 3% 到 4% 的區間。而我唯一想確保你掌握的重點是：這是涵蓋整個產品組合的。

When we talk about that 3% to 4% of pricing that's across the full portfolio, that is more heavily weighted towards commercial than residential. So it doesn't apply evenly across everything. But we do still see that being kind of where we will play in this space. And so -- and we don't see any indications that, that is creating trouble.

當我們談到 3% 到 4% 的定價時，這是針對整體組合而言，而且權重更偏向商用而非住宅。所以它不會平均適用於所有項目。但我們仍然認為，在這個領域我們大致會在這樣的區間運作。因此——而且我們沒有看到任何跡象顯示這會造成問題。

I mean we are regularly evaluating our pricing. We meet -- we just met 2 weeks ago actually about this topic. And so we don't see any meaningful change in the number of customers that are either trying to roll their prices back that are cancelling with us. So we feel like we still have room to go there. And then your second question, I feel like there was -- was there another part to your question, Tomo?

我的意思是，我們會定期評估我們的定價。我們其實兩週前才剛就這個主題開會。因此我們沒有看到有任何顯著變化：客戶要我們把價格調回去，或是因此取消服務。所以我們覺得那方面仍有空間。然後你的第二個問題，我覺得——你的問題是不是還有另一個部分，Tomo？

Yes, that's a good answer. And just one follow-up to Jerry, if I may. On the customer acquisition landscape change, the AI-LLM search simplified price with the local providers. How do you assess the risk that why pay a premium value message, like such as service quality and guarantees and reliabilities like gets diluted?

是的，這回答得很好。我可以再追問 Jerry 一個問題嗎？關於客戶獲取環境的變化，AI-LLM 搜尋讓與在地供應商的價格比較更簡化。你如何評估這樣的風險：也就是為什麼要支付溢價的價值主張——例如服務品質、保固與可靠性——會被稀釋？

Yes. And that's where I think you have to be careful in this space because you cannot stop spending on your brand and your brand messaging and who you are and what you're all about. So this idea that we should just stop spending and building our brand and the reputation in the mind of the consumer is really the best thing that we -- the main thing we want you to do instead of going to an LLM and asking about pest control, we want you to type in orkin.com and we want you to just think Orkin or one of our brands as a top-of-mind investment.

是的。我認為在這個領域你必須小心，因為你不能停止在品牌、品牌訊息、你是誰以及你代表什麼上投入。所以「我們應該停止花錢、停止打造品牌、停止在消費者心中建立聲譽」這種想法，其實不對；我們最希望你做的——主要希望你做的——是：與其去 LLM 問害蟲防治，我們希望你直接輸入 orkin.com，我們希望你想到 Orkin 或我們其中一個品牌，作為你心中優先想到的選擇（top-of-mind）。

And so we have to continue to send the messaging on our website and all of our content about the value of our service and ensure that our service quality is strong, and the value proposition and the things that our customers are asking about when they are in the LLMs, that content is there on our website that they can see the clear value in using us compared to anyone else.

因此我們必須持續在我們的網站與所有內容中傳遞服務價值的訊息，並確保我們的服務品質強勁；同時也要讓價值主張，以及客戶在 LLM 裡會問到的那些問題，其相關內容都在我們網站上，讓他們能清楚看到：相較於其他任何人，使用我們的價值更明確。

Seth Weber, BNP Paribas.

Seth Weber，法國巴黎銀行（BNP Paribas）。

This is Christina Bettink on for Seth. So I guess first up for me is over the summer, the FTC actually brought a large case against Rollins over the use of noncompete clauses across its workforce. And we were kind of wondering if this has any impact on competition. And additionally, if this could actually be contributing to the local competition that's kind of been weighing on lead flow and residential growth.

我是 Christina Bettink，代替 Seth 發言。所以我想我第一個問題是，今年夏天 FTC 其實針對 Rollins 在其整個員工隊伍中使用競業禁止條款提起了一個大型案件。我們有點想知道，這是否會對競爭造成任何影響。另外，這是否可能也在助長地方性競爭，而地方性競爭一直在壓抑線索流量與住宅端成長。

No. That is a -- I think we've talked about this in the past to some degree, that has been pretty much a nonissue across our industry. In fact, if you look back at the details of that, we had some pieces and parts of our business that -- where our nonsolicit agreements that are designed to stop -- to discourage people from taking customers or recruiting our people were extended into noncompete. And all we did was roll those noncompetes back in the parts of our business that still have those in there.

不會。那是——我想我們過去多少談過，這在我們整個產業基本上不是問題。事實上，如果你回頭看那件事的細節，我們業務中有一些部分——原本是為了阻止——為了抑制人員帶走客戶或挖走我們員工而設計的禁止招攬（nonsolicit）協議，被延伸成了競業禁止（noncompete）。而我們所做的只是把那些仍然包含競業禁止條款的業務部分，把競業禁止撤回。

At the end of the day, these were agreements that were never enforced or very rarely enforced to begin with. So it was really a non-event in our business. So we have had -- if you think about the fact that there are 19,000 -- estimated 19,000 pest control companies, and the people I know in the industry had started it.

歸根結底，這些協議本來就從未被執行，或一開始就極少執行。所以對我們的業務而言，這真的不是什麼事件。所以我們一直——如果你想到大約有 19,000 家——估計有 19,000 家病蟲害防治公司，而我認識的產業人士很多都是從那裡開始創業的。

Usually, the family tree goes somewhere back to Orkin or Terminix or somewhere back in the day. There's a reason for that is because people have freely moved for many, many years between and amongst companies. So we don't really see that as any sort of a change in the environment at all.

通常，這個「家族樹」會一路追溯到 Orkin 或 Terminix，或是更早以前的某個源頭。之所以如此，是因為多年來人員一直都能在公司之間自由流動。所以我們完全不認為這會對環境帶來任何改變。

Okay. That's super helpful. And then I guess, back at the Investor Day that you guys hosted in May, you guys framed that the pest control market was growing around 6% a year. And I know at a recent conference, you guys said that lead declines were fairly proportional across all income bands, which kind of suggested that consumer health wasn't the main driver. Is this still the case? And given what you've seen up until this point, do you think that industry growth has changed at all? Or do you think it's more of a Rollins-specific shift in how customers find you?

好的，這非常有幫助。接著我想回到你們 5 月舉辦的投資人日，你們當時提到病蟲害防治市場每年大約成長 6%。我也知道在最近的一場會議上，你們說線索下滑在各收入帶之間相當成比例，這似乎暗示消費者健康狀況並不是主要驅動因素。現在仍然是這樣嗎？以及就你們目前看到的情況，你們認為產業成長有任何改變嗎？還是你們認為這比較像是 Rollins 特有的變化——也就是客戶找到你們的方式發生了轉移？

When we think about the consumer health, I think what we're really saying is we're an essential service. If you need -- if you have a problem, you're going to want to solve it. I think from a consumer standpoint, the consumer is trying to make sure that if they are going to spend their money, they're getting the value and they're choosing the right provider.

當我們談到消費者健康狀況時，我想我們真正要表達的是：我們是一項必要服務。如果你需要——如果你有問題，你就會想要解決它。我認為從消費者角度來看，消費者是在確保他們要花錢時，能得到相對應的價值，並且選擇正確的服務提供者。

And that goes back to, I think, to Tomo's question about ensuring that price and value, responsiveness, and reliability, all those factors that drive value are more important. So there's lots of data out there about the consumer, and it certainly is something that we've dug into. I just think at this point in time, we have a more discerning consumer, but we certainly have a consumer that is willing to spend the money on pest control services.

這也回到我想 Tomo 的問題：確保價格與價值、反應速度與可靠性——所有這些驅動價值的因素變得更重要。所以外部有很多關於消費者的數據，這確實也是我們深入研究的方向。我只是認為在這個時間點，消費者變得更挑剔，但他們仍然願意在病蟲害防治服務上花錢。

Connor Cerniglia, Bernstein.

Connor Cerniglia，Bernstein。

Heading into this quarter, third-party data suggests organic traffic for Orkin was down pretty materially year-on-year. You paint a very similar picture for Massey, very similar picture for Aptive. Terminix seemed to be the outlier, which was actually up in the quarter, but for the top four players, organic traffic was down more than double digits. So corroborating your claim that LLMs seem to be the issue.

進入本季之前，第三方數據顯示 Orkin 的自然流量（organic traffic）年對年大幅下滑。你們對 Massey 的描述也非常相似，對 Aptive 也是非常相似。Terminix 似乎是個例外，本季反而上升；但就前四大業者而言，自然流量都下滑了超過兩位數。這也佐證你們的說法：LLM 似乎是問題所在。

And that -- I guess that one competitor was more of an outlier than the trend. Can you talk about the early findings in your process to adapting the LLMs? Has the biggest success so far has been third-party content? Is it improving business reviews? Any color on that would be really helpful.

而且——我想那家競爭對手更像是偏離趨勢的例外。你能談談你們在適應 LLM 的過程中，目前的初步發現嗎？到目前為止最大的成功是第三方內容嗎？還是改善商家評論？任何補充說明都會很有幫助。

Initially beginning to appear better was some easy steps like the one -- the example I gave you earlier on pricing and transparency helped tremendously. When we start talking about service offerings and our ability to respond and offering same-day, next-day service windows and how we communicate that, things that we've always done, we've just never put it in words and it's not been key in our messaging.

一開始比較明顯改善的是一些容易的步驟，例如——我先前給你的那個關於定價與透明度的例子，幫助非常大。當我們開始談服務內容、我們的回應能力、提供當日或次日的服務時段，以及我們如何傳達這些資訊時——這些其實都是我們一直在做的事，只是我們從未把它用文字表達，也沒有把它當作訊息傳遞的重點。

But those types of things that talk about the value, that talk about how we can quickly fulfil customer needs seem to get picked up a lot faster and a lot easier. And then when you think about local content, where we have -- while we're a national company, we have national locations, we have local people that understand local needs and taking that information in.

但這類談價值、談我們如何快速滿足客戶需求的內容，似乎更快、更容易被抓取。接著你再想到在地內容：我們雖然是全國性公司、在全國各地都有據點，但我們有了解在地需求的在地人員，把這些資訊納入內容。

I'll give you a great example is here in Atlanta, there's this spider called the Joro spider. And if you're talking about the Joro spider and the local content, and it's hot on people's minds here, those are the -- and if your branches here, I'd say, at Orkin in the Atlanta area have local content about the Joro spider, that's going to get picked up. So those are the types of things that we're focused on that we find to be getting the bigger return on investment, and they're quick wins.

我給你一個很好的例子：在亞特蘭大這裡，有一種蜘蛛叫 Joro spider。如果你在談 Joro spider 與在地內容，而這正是這裡人們很關心的議題——而且如果你們在這裡的分公司，我會說 Orkin 在亞特蘭大地區的分公司，有關於 Joro spider 的在地內容，那就會被抓取到。所以這些就是我們聚焦的方向；我們發現這些能帶來更高的投資報酬，而且是快速見效的成果。

Jerry, one of the other things that we've actually seen here recently, as you see ChatGPT, you see Google, they're starting to run pilots where they're allowing kind of the monetization of that platform where you can start to put some ads. And so we're starting to play in that space as well. It's early. We'll see what's going to happen as we go through the quarter, but at least we're starting to see what they're playing in that space.

Jerry，我們最近在這裡也看到另一件事：你看到 ChatGPT、看到 Google，他們開始做一些試點，允許對該平台進行某種程度的變現，也就是你可以開始投放一些廣告。所以我們也開始在那個領域嘗試。現在還很早。我們會看看接下來這一季會發生什麼，但至少我們已經開始觀察他們在那個領域的玩法。

Very helpful color. As a follow-up, I know we've talked about LLMs. ChatGPT is about 70% of the shares. So I think that's probably the biggest -- maybe I won't say issue, but that's probably the most focused target should be. It seems like Yelp reviews are probably some clear low-hanging fruit here. ChatGPT uses Yelp as recommendation rates. You all have about 13 reviews per store, so about a baker's dozen. Your competitors have about 25, 30.

這些補充資訊很有幫助。作為追問，我知道我們談過 LLM。ChatGPT 大約占了 70% 的市占。所以我想那可能是最大的——也許我不稱之為「問題」，但那應該是最需要聚焦的目標。看起來 Yelp 評論可能是很明顯、很容易摘的低垂果實。ChatGPT 會使用 Yelp 作為推薦依據。你們每家門店大約有 13 則評論，大概一打多一則。你們的競爭對手大約有 25、30 則。

And it seems just like companies have long ignored Yelp as a review platform. And part of the solution here is just refocusing efforts to improve Yelp recommendation rates. Can you talk about any examples of steps you're taking to improve? Are there QR codes you're going to have in the side of your trucks, incentive comps to kind of get those business reviews up? Do you -- can you just give us any examples on that front would be helpful.

而且看起來企業長期以來都忽視 Yelp 作為評論平台。而這裡的解方之一，可能就是重新聚焦資源來提升 Yelp 的推薦率。你能談談你們正在採取哪些改善步驟的例子嗎？你們會在卡車側邊放 QR code、提供一些激勵補償來把商家評論數拉高嗎？你能否在這方面給我們一些例子，會很有幫助。

Yes. The Yelp model for reviews is a very different model of what they allow and how that works compared to, say, Google reviews where we have a very strong -- a much stronger presence. So yes, that's one of the areas that you have to, again, test, learn, decide whether or not and how much to reallocate resources to try to drive meaningful -- can you drive meaningful impact on that. We're very -- we're acutely aware of that. And that -- but that is also something that will take a lot more time to be able to effectively impact.

是的。Yelp 的評論模型，無論是它允許什麼、以及它如何運作，都和例如 Google 評論非常不同；我們在 Google 評論上的能見度要強得多。所以是的，那是你必須再次去測試、學習，並決定是否、以及要在多大程度上重新配置資源，來嘗試推動有意義的——你是否能在那上面產生有意義的影響。我們非常——我們對此非常清楚。但那同時也是一件需要更長時間，才能有效產生影響的事情。

So you have to weigh those investments and say, hey, within -- yes, Yelp is weighted, but so are these other things within ChatGPT, how do I position us better on these other things that are going to -- that are also going to get us more visibility there that I might be able to move faster. And so those are all the things that we're weighing and trying to make better decisions on.

所以你必須權衡這些投資，並說，嘿，在——是的，Yelp 的權重提高了，但在 ChatGPT 裡面這些其他項目也是如此；那我該如何在這些其他項目上把我們的位置擺得更好——這些項目也會讓我們在那裡獲得更多曝光，而且我可能能更快推動。因此，這些都是我們正在權衡的事情，並試著在此基礎上做出更好的決策。

George Tong, Goldman Sachs.

George Tong，高盛。

The digital lead pressure is greatest in residential, but can you also talk about the lead gen mix in your other segments? So ballpark, the new customer acquisition mix by channel across termite and commercial as well and resi?

數位線索壓力在住宅端最大，但你也能談談你們其他業務分部的線索開發（lead gen）組合嗎？大概來說，白蟻與商業以及住宅（resi）等各渠道的新客獲取組合占比如何？

So our termite and ancillary business as well as our commercial business is not heavily lead driven in terms of digital lead driven. They are -- they get called because that's again where the brand comes into top of mind and say the Orkin brand in commercial, people are just going to call Orkin. And that is a very organic type of lead gen. And so we're not very reliant on digital customer acquisition, digital marketing spend type of efforts in that space at all.

我們的白蟻與附屬業務，以及商業業務，在獲客上並不是高度依賴線索驅動，尤其不是數位線索驅動。他們——客戶會打電話來，因為品牌會再次成為優先想到的選項；例如在商業端的 Orkin 品牌，人們就是會直接打電話給 Orkin。那是一種非常自然（organic）的線索開發方式。因此在那個領域，我們完全不太依賴數位獲客、數位行銷投放這類努力。

Got it. And then as a follow-up, you still believe that the business can get back to 7% to 8% organic growth. Does getting back there require residential digital leads to return to prior levels? Or can channel mix, conversion and cross-selling offset a structurally more fragmented digital search environment?

了解。那接著追問一下，你們仍然相信公司可以回到 7% 到 8% 的有機成長。要回到那個水準，是否需要住宅端的數位線索回到先前的水平？或者，渠道組合、轉換率與交叉銷售，是否能抵消數位搜尋環境在結構上更碎片化的影響？

George, that's a good question. We -- our view is that we can absolutely get back to 7% to 8%. We don't know when that's going to happen. We've got to see this through. But certainly, we're able to get back there. And what we're focused on mostly now is how do you make sure that every one of those leads we do get that we convert it and that it turns into a sale. So there are a lot of things that we're able to do to affect that 7% to 8%. There are levers we can pull. And so there's no reason to think that the long-term guidance would -- that we need to come off of that.

George，這是個好問題。我們——我們的看法是，我們絕對可以回到 7% 到 8%。我們不知道那會在什麼時候發生。我們必須把這段過程走完。但可以肯定的是，我們有能力回到那個水準。而我們目前最聚焦的是：如何確保我們拿到的每一條線索都能轉換，並且變成一筆成交。所以我們有很多事情可以做，去影響那個 7% 到 8%。我們有槓桿可以拉動。因此沒有理由認為，我們需要放棄那個長期指引。

Generally speaking, I think for us to get to the 7% to 8% range, we are going to need to have residential healthy, commercial healthy and termite and ancillary healthy. And I think there's some different algorithms within there, how you get there. I think we have to do better on residential, obviously.

一般來說，我認為要達到 7% 到 8% 的區間，我們需要住宅端健康、商業端健康，以及白蟻與附屬業務也健康。而在這之中，達成路徑上會有一些不同的「演算法」。我認為我們顯然必須把住宅端做得更好。

But again, that goes back to the multi-brand strategy, where we invest, the decisions that we have to make that moving resources around to get us back there. So certainly, as Will said, it's possible, but I believe we've really got to be executing on all those cylinders.

但同樣地，這又回到多品牌策略：我們投資在哪裡、我們必須做哪些決策、以及如何調整資源配置，讓我們回到那個水準。所以正如 Will 所說，這是可能的，但我相信我們確實必須在所有這些面向上都執行到位。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

First question here, maybe just I'd love to get your opinion, a higher level question here. You talked about not necessarily ramping up marketing spend or changing that. But I'd almost push back on that response. Why not just given the magnitude in which the industry and your go-to-market strategy has -- effectiveness has changed?

第一個問題，可能我想聽聽你的看法，算是比較高層次的問題。你提到不一定要提高行銷支出或改變它。但我幾乎想對這個回答提出一些不同意見。為什麼不呢？尤其考量到產業以及你們的 go-to-market 策略的有效性改變的幅度這麼大？

Why not use this period of time to step up marketing to really solidify your position across kind of all go-to-market strategies, LLMs, for example, making sure that you're in the top position there, doubling down on door-to-door? I mean why not use this period of disruption to leverage your size, scale and, quite frankly, financial position to really tackle and take meaningful share? Just again, high-level thought here.

為什麼不利用這段時間加大行銷投入，真正鞏固你們在各種 go-to-market 策略上的地位，例如 LLM，確保你們在那裡排名最前，或加碼門對門（door-to-door）？我的意思是，為什麼不利用這段混亂期，運用你們的規模、量體，以及坦白說你們的財務實力，去真正出擊並取得有意義的市占？同樣是高層次的想法。

Yes, I understand where you're coming from. Our -- we are perhaps more disciplined than that. If I knew that I could invest rapidly in the marketing, and I could accurately predict what return I would get on that in this dynamic environment where I don't know that -- what a $1 spend would necessarily yield.

是的，我理解你的出發點。我們——或許我們比那樣更有紀律。如果我知道我可以快速加大行銷投資，並且在這個動態環境中準確預測我能得到什麼回報——在這裡我並不知道每花 1 美元一定會帶來什麼結果。

I could do that, but I would also probably be spending a lot of money irresponsibly. And so our -- we have leaned towards let's protect our margin, let's right size our business, let's do the right things and let's learn, test, be responsible about our decisions and adjust as we go.

如果能做到，我可以那樣做，但我也很可能會不負責任地花掉很多錢。因此我們——我們更傾向於：保護我們的利潤率、把業務規模調整到合適水平、做正確的事，並且學習、測試、對決策負責，並在過程中持續調整。

But because we got some sort of a sugar high off of just going in and spending marketing dollars, you can do that. But that doesn't necessarily -- it's not necessarily sustainable, and it could potentially change your business model and your discipline that you bring to the business. It's just fundamentally not how we approach the business.

但如果只是因為衝進去砸行銷預算而得到某種短暫的「糖分飆升」（sugar high），你確實可以那樣做。但那不一定——不一定可持續，而且可能會改變你的商業模式，以及你帶到業務中的紀律。這在根本上就不是我們經營業務的方式。

But it's hard to underestimate how dynamic this environment is right now. And so it keeps changing. I mean we've talked about the fact that we've gone to external parties to help us through this from a marketing perspective. And they don't even necessarily always agree. Nobody has a silver bullet. So it's how much would you spend on -- in this current environment?

但也很難低估目前環境的動態程度。它一直在變。我的意思是，我們談過我們已經找外部夥伴從行銷角度協助我們度過這段時間。而他們甚至也不一定總是意見一致。沒有人有萬靈丹。所以問題是：在當前環境下，你到底要花多少？

We don't know if that's some infinite number. And the other side of it is just spending marketing dollars doesn't necessarily create demand where demand isn't there. So you have to know the limit to what you'd be willing to go. So our focus has been on making sure we rightsize our business.

我們不知道那是否是一個無限大的數字。而另一方面，單純花行銷預算也不一定能在沒有需求的地方創造需求。所以你必須知道你願意投入的上限在哪裡。因此我們的重點一直是確保把業務規模調整到合適水平。

In my mind, those are actually tougher decisions than just going and spending more in marketing. We have hard choices that we have to make about how we structure our business, and I'm really proud of our team for what they've done in that regard.

在我看來，這些其實是比單純去增加行銷支出更艱難的決策。我們必須就如何建構我們的業務做出艱難選擇，而我也為團隊在這方面所做的事情感到非常自豪。

Understood. One quick follow-up kind of along the same ones here. Does this dynamic change your M&A strategy? I mean is there a greater focus that you'll place on door-to-door just given that part of the business continues to hold well, holding strong?

了解。同一主題下再快速追問一個。這種動態變化會改變你們的併購（M&A）策略嗎？我的意思是，鑑於業務中門對門這一塊仍然表現良好、維持強勁，你們是否會更聚焦在門對門？

Stephanie, there's -- we've got a great pipeline of M&A opportunities that are still out there. It does not change what we see in value as a good business that we want to go and purchase. We're going to continue to look for opportunities where it's accretive.

Stephanie，我們——我們仍然有很好的併購機會管線。這不會改變我們對於什麼是值得收購的好生意的價值判斷。我們會持續尋找能帶來增益（accretive）的機會。

Businesses are, quite frankly, better than ours and that's what helps us continue to grow organically longer term. And so this does not -- we've been in the door-to-door space. We've been in the traditional space. It doesn't change our philosophy.

坦白說，有些企業比我們做得更好，而這正是幫助我們在長期持續推動有機成長的原因。因此這並不——我們一直都在門對門領域。我們也一直都在傳統領域。這不會改變我們的理念。

We're interested in lots of businesses that help our -- that can help and be accretive to our growth, and we'll continue to take a balanced approach there. I still think this is a -- this right now is hopefully a short-term dislocation, and we'll see how this pans out over time. But we'll continue to be disciplined in our acquisition and look for businesses that are a good fit for us and bring the right balance to us.

我們對許多能幫助我們——能夠協助並對我們成長帶來增益的企業都感興趣，我們也會在那裡持續採取平衡的做法。我仍然認為——希望目前這只是短期的錯位（dislocation），我們會看看隨時間推移情況如何發展。但我們會持續在收購上保持紀律，並尋找與我們高度契合、且能為我們帶來適當平衡的企業。

Peter Keith, Piper Sandler.

Peter Keith，Piper Sandler。

On the follow-up on the door knocking question. Within residential, you did cite that those areas of door knocking, direct sales, home, continue to outperform. I guess I'm curious, are those areas running in line with historical averages? Or are those also outperforming but maybe seeing a little bit of weakness?

針對剛才關於挨家挨戶拜訪（door knocking）問題的追問。在住宅業務方面，你確實提到挨家挨戶拜訪、直銷、居家等領域持續表現優於其他。我想了解的是，這些領域的表現是否與歷史平均水準一致？或者它們雖然仍在優於平均，但也開始出現一些些疲弱？

We've not seen any sign of weakness in those spaces. They have just gone gangbusters. So double-digit growth at Fox. And so that continues to be a great business growing. It's very helpful to our overall growth profile in the residential space. So we've not seen any real softness there at all.

我們在那些領域沒有看到任何疲弱的跡象。它們的表現非常強勁。Fox 仍維持雙位數成長。因此那仍是一項成長良好的優質業務。這對我們住宅業務整體的成長輪廓非常有幫助。所以我們完全沒有看到那邊有任何實質的走軟。

Okay. Good. And then I just want to pivot over to commercial. I think you had cited some weakness in onetime business. Maybe could you unpack that for me a little bit more on where the slowdown in commercial occurred?

好的。很好。接著我想把話題轉到商業端。我記得你提到一次性業務（onetime business）有些疲弱。你能否再多拆解一下，商業端的放緩是發生在哪些地方？

Yes. So the softness in the commercial side was really driven by some timing related to fumigation services at non-Orkin brands. So as we go through -- as you go through the quarter, we -- there's -- in the commercial space, there's a lot of -- there's a decent amount of commodity fumigation that goes on that can be cyclical timing around holidays, things along those lines that just gets kind of dislocated from time to time.

是的。商業端的走軟主要是由於非 Orkin 品牌的燻蒸服務在時點上的影響。所以當我們走過——當你回顧這一季時，我們——在商業領域，有相當一部分屬於商品化的燻蒸作業，可能會因假期等因素而出現週期性的時點變動，這類業務有時會不時被挪移或錯位。

The good news in that is Orkin's commercial business, their core grew -- still grew over 8%, reflecting -- or very reflective of the investments that we've made there in expanding on the commercial side, not something I'm very concerned about.

好消息是，Orkin 的商業業務核心仍成長——仍然成長超過 8%，這反映——也非常反映我們在擴展商業端方面所做的投資；這不是我非常擔心的事情。

Josh Chan, UBS.

Josh Chan，瑞銀（UBS）。

Maybe on the residential side, on the organic growth of 2.3%. I know that within residential, there's recurring and there's onetime business in there. So I guess, could you give some color in terms of whether the recurring business trended above or below the total?

想請教住宅端，有機成長 2.3%。我知道住宅業務裡面包含經常性（recurring）與一次性（onetime）業務。所以我想請你補充一些顏色：經常性業務的趨勢是高於還是低於整體？

Josh, this is Jerry. I hope you're having -- I heard you're at PestWorld, and I hope you're having a good time there with all of our friends, meeting some great people while you're there, aren't you?

Josh，我是 Jerry。我希望你——我聽說你在 PestWorld，我希望你在那裡玩得很開心，和我們所有的朋友見面，認識一些很棒的人，對吧？

I am. Yes.

是的。沒錯。

Yes. So when we look at the organic growth and onetime, I would categorize those as being down very equal proportions, very, very similar. But the recurring portion was actually better. So the -- we are still in line with what we have seen historically from a recurring perspective.

是的。所以當我們看有機成長與一次性業務時，我會把它們歸類為下滑的幅度非常接近、比例幾乎相同，非常非常類似。但經常性部分其實表現更好。所以——從經常性的角度來看，我們仍與歷史上看到的情況一致。

Both of them?

兩者都是嗎？

Yes.

是的。

That makes sense. Okay. All right. And then, I guess, on the customer acquisition side, do you feel like you have a handle on what tactics work and don't work and that you're just kind of focusing on executing to those tactics now? Or do you feel like you still need a better handle on exactly what tactics to use?

了解。好的。好。接著我想問，在客戶獲取（customer acquisition）方面，你是否覺得你已經掌握哪些策略有效、哪些無效，現在只是專注於執行這些策略？還是你覺得仍需要更清楚地掌握到底該用哪些策略？

I think we have a strong handle on some of the basics and some of the most fundamentals that we've been able to execute on. What's interesting in this space is you can ask five different experts and get different answers. And so that's, again, what gives us that lack of clarity, say, where do you invest? Which is why, again, I sound like a broken record when I say test, learn, reallocate resources, adjust.

我認為我們對一些基本面與最核心的要素掌握得很牢，而且也能夠落實執行。這個領域有趣的是，你問五位不同的專家會得到不同的答案。因此這也再次造成我們在「該投資在哪裡」這件事上缺乏清晰度。所以我才會——我知道我聽起來像壞掉的唱片——一直說要測試、學習、重新配置資源、調整。

That is what we're going to have to do. And so we're doing a lot of that with different agencies and specialists that are helping us navigate that. So again, that's why we described this as this dynamic environment. And it's -- and the things -- we don't know that the things we fix today are also going to be the right things that are most important three months from now, right?

這就是我們必須做的事。因此我們正與不同的代理商與專家合作，做大量這類工作，協助我們在其中摸索前進。所以這也是為什麼我們把它描述為一個動態的環境。而且——我們也不確定今天修正的事情，三個月後是否仍會是最重要、最正確的事情，對吧？

So that's where -- that's when I say this world has changed probably forever in this space is so important. And we're just going to have to continue to test, learn, reallocate resources, but I don't think we'll ever be able to say we're done and we've arrived.

所以——這也是我說在這個領域，這個世界可能已經永遠改變了，為什麼如此重要。我們只能持續測試、學習、重新配置資源；但我不認為我們會有一天能說「我們完成了、我們到達終點了」。

We have reached the end of the question-and-answer session. I would like to turn the floor back over to Jerry for closing comments.

問答環節到此結束。我想把時間交還給 Jerry 作結語。

Thank you, everyone, for joining us today. We look forward to speaking with you again in our Q4 earnings call in February.

感謝各位今天加入我們。我們期待在二月的第四季財報電話會議上再次與各位交流。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。各位現在可以掛線。感謝各位的參與。