This report does not constitute a rating action. Overview Key strengths Key risks Largest lawn care provider in the U.S. with leading market share. Narrow product focus on residential lawn services, lawn and turf services, and mosquito control services as it participates in a highly fragmented and competitive industry. Asset-light operating model has supported historical cash flow generation. Significant competition from local service providers and do-it-yourself (DIY) alternatives. Record of EBITDA margin expansion driven by operating efficiencies. Highly seasonal business, with about 65% of revenues generated in the summer and spring seasons. Elevated leverage due to sponsor ownership and aggressive financial policies. TruGreen?s operating performance in 2024 was generally in line with our prior expectations, with S&P Global Ratings-adjusted leverage
