ServiceMaster Global Holdings, Inc. (NYSE:SERV) Q3 2019 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 09:00 am ET


ServiceMaster Global Holdings, Inc. (NYSE:SERV) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, welcome to ServiceMaster's Third Quarter 2019 Earnings Call. [Operator Instructions]. Beginning today's call is Jesse Jenkins, ServiceMaster's Vice President of Investor Relations and Treasurer.

I will now turn the call over to Mr Jenkins, who will introduce the other speakers on the call.

Jesse Jenkins

Thank you, Suzie. Good morning and welcome to our third quarter 2019 earnings conference call. Before we begin, I'd like to remind you that throughout today's call, management may make forward-looking statements to assist you in understanding the company's strategies and operating performance.

As stated on Slide 2. All forward-looking statements are subject to the forward-looking statements legends contained in our public filings with the SEC. These forward-looking statements are not guarantees of performance and are subject to the risk factors contained in our public filings that may cause actual results to vary materially from those contemplated in the forward-looking statements.

Information discussed on today's call speaks only as of today, November 5, 2019. The company undertakes no obligation to update any information discussed on today's call. This morning ServiceMaster issued a press release filed with the SEC on Form 8-K highlighting our third quarter 2019 financial results. The press release and the related presentation can be found on the Investor Relations section of our website at

We will reference certain non-GAAP financial measures throughout today's call and we have included definitions of these terms in our press release. We have also included reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures in our press release and the appendix of this presentation in order to better assist you in understanding our financial performance. All references on the call to EBITDA are to adjusted EBITDA as defined in our press release.

Joining me on today's call are ServiceMaster's Chief Executive Officer, Nik Varty; and Chief Financial Officer, Tony DiLucente. Slide 3 of the presentation posted on the Investor Relations section of our website, shows the agenda, we will cover today.

I'll now turn the call over to ServiceMaster's CEO, Nik Varty. Nik.

Nikhil Madhukar Varty

Thanks, Jesse. And thank you all for your time today. I will start with the Q3 performance highlights on Slide 4. As we have shared with you over prior quarters, we are on a determined journey to become the best and most customer-centric pest control home and commercial services company in our industry. We understood that there will be challenges and some ups and downs as we make progress on this journey. We had to upgrade our people and much of our capabilities and investments needed to be made ahead of the profits that will come from these investments. We have also been focused on effectively managing legacy risks and issues such as termite damage claims and fumigation services. Despite these issues, we are convinced that we continue to make significant progress on our journey.

My team and I are absolutely committed to do what is needed to return our company to market-leading growth and sustainable margin improvements. We