American Home Shield 2011 Annual Report Download - page 16

Table of Contents
EMPLOYEES
The average number of persons employed by ServiceMaster during 2011 was approximately 21,000. Due to the seasonal nature of some of the
Company's businesses, employee headcount can fluctuate during the course of a year, reaching approximately 25,000 during peak service periods.
AVAILABLE INFORMATION
ServiceMaster maintains a website at http://www.svm.com that includes a hyperlink to a website maintained by a third party where ServiceMaster's
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports are available without
charge as soon as reasonably practicable following the time that they are filed with or furnished to the Securities and Exchange Commission (the "SEC"). The
information found on the Company's website is not a part of this or any other report filed with or furnished to the SEC.
ITEM 1A. RISK FACTORS
The following discussion of risk factors contains "forward-looking statements," as discussed in Part II, Item 7 below. These risk factors are important to
understanding statements in this Annual Report on Form 10-K and in other reports. Our reputation, business, financial position, results of operations and
cash flows are subject to various risks. The risks and uncertainties described below are not the only ones relevant to us. Additional risks and uncertainties not
currently known to us or that we currently believe are immaterial may also adversely impact our reputation, business, financial position, results of operations
and cash flows. The following information should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of
Operations and the Consolidated Financial Statements and related notes included elsewhere in this Annual Report on Form 10-K.
Risks Related to Our Business and Our Industry
Adverse credit and financial market events and conditions could, among other things, impede access to or increase the cost of financing or cause our
commercial customers to incur liquidity issues that could lead to some of our services being cancelled or result in reduced revenues and lower operating
income, which could have an adverse impact on our business, financial position, results of operations and cash flows.
Adverse developments in the credit and financial markets, including due to the recent downgrade of the U.S. long-term sovereign credit rating and the
European debt crisis, as well as unstable consumer sentiment and high unemployment, continue to challenge the U.S. and global financial and credit markets
and overall economies. These developments have had a significant material adverse impact on a number of financial institutions and have limited access to
capital and credit for many companies. Disruptions in credit or financial markets could, among other things, lead to impairment charges, make it more
difficult for us to obtain, or increase our cost of obtaining, financing for our operations or investments or to refinance our debt, cause our lenders to depart
from prior credit industry practice and not give technical or other waivers under our senior secured term loan facility and pre-funded letter of credit facility
(together, the "Term Facilities") and senior secured revolving credit facility (the "Revolving Credit Facility") (the Term Facilities and Revolving Credit
Facility are collectively referred to herein as the "Credit Facilities"), to the extent we may seek them in the future, thereby causing us to be in default under
one or more of the Credit Facilities. These disruptions also could cause our commercial customers to encounter liquidity issues that could lead to some of our
services being cancelled or reduced, or that could result in an increase in the time it takes our customers to pay us, or that could lead to a decrease
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