American Home Shield 2004 Annual Report Download - page 47

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2004 annual report ServiceMaster 45
(In thousands) 2004 % Change 2003 % Change 2002
Operating Revenue:
TruGreen $ 1,419,649 5% $ 1,347,400 5% $ 1,284,616
Terminix 996,900 5 945,258 2 924,384
American Home Shield 487,395 8 450,264 6 423,526
ARS/AMS 690,500 3 673,558 (6) 718,892
Other Operations 164,124 8 152,106 2 149,303
Total Operating Revenue $ 3,758,568 5% $ 3,568,586 2% $ 3,500,721
Operating Income (Loss):
TruGreen (1) $ 171,184 N/M $ (34,017) N/M $ 165,292
TruGreen without impairment charge (1) 171,184 11% 154,853 (6%) 165,292
Terminix 132,827 1 131,044 3 127,441
American Home Shield 71,986 24 58,154 21 47,890
ARS/AMS (1) 5,534 N/M (281,777) N/M 17,342
ARS/AMS without impairment charge (1) 5,534 (45) 10,023 (42) 17,342
Other Operations (44,975) (13) (39,647) (76) (22,572)
Total Operating Income (Loss) (1) $ 336,556 N/M $ (166,243) N/M $ 335,393
Capital Employed: (2)
TruGreen $ 828,974 1% $ 821,412 (16%) $ 979,932
Terminix 631,370 6 596,535 - 599,433
American Home Shield 168,223 25 134,372 34 100,026
ARS/AMS 88,692 2 86,764 (78) 398,982
Other Operations 179,364 85 97,014 27 76,111
Total Capital Employed $ 1,896,623 9% $ 1,736,097 (19%) $ 2,154,484
Identifiable Assets:
TruGreen $957,683 5% $ 911,958 (13%) $ 1,053,099
Terminix 843,272 3 822,407 (2) 841,437
American Home Shield 474,326 12 422,765 12 376,059
ARS/AMS 191,618 3 185,528 (62) 489,366
Other Operations 673,303 10 613,768 (6) 654,977
Total Identifiable Assets $ 3,140,202 6% $ 2,956,426 (13%) $ 3,414,938
Depreciation & Amortization Expense:
TruGreen $ 22,546 (1%) $ 22,764 (4%) $ 23,595
Terminix 11,441 11 10,328 (7) 11,150
American Home Shield 7, 8 6 0 15 6,829 22 5,583
ARS/AMS 6,939 (18) 8,439 (8) 9,166
Other Operations 6,839 (8) 7,418 9 6,814
Total Depreciation & Amortization Expense $ 55,625 —% $ 55,778 (1%) $ 56,308
Capital Expenditures:
TruGreen $ 12,888 (9%) $ 14,197 25% $ 11,317
Terminix 11,202 117 5,169 (70) 17,013
American Home Shield 5,490 (17) 6,619 38 4,794
ARS/AMS 7,716 25 6,160 9 5,658
Other Operations 15,766 122 7,098 (67) 21,331
Total Capital Expenditures $ 53,062 35% $ 39,243 (35%) $ 60,113
N/M = Not meaningful
(1) In the third quarter of 2003, the Company recorded a non-cash, pre-tax impairment charge of $481 million related to its goodwill and intangible assets.
Approximately $189 million of the charge is associated with the TruGreen LandCare operations reported in the TruGreen segment, and the remaining $292
million relates to the ARS/AMS segment. In order to facilitate comparisons of ongoing operating performance of continuing operations, the Company also has
presented segment results after adjusting for the impact of the impairment charge.
(2) Capital employed is a non-U.S. GAAP measure that is defined as the segment’s total assets less liabilities, exclusive of debt balances. The Company
believes this information is useful to investors in helping them compute return on capital measures and therefore better understand the performance of
the Company’s business segments.
Business Segment Table