Julie Bimmerman
Vice President, Interim Chief Financial Officer and Treasurer at Rollins
Thank you, Jerry. We delivered an outstanding fourth quarter highlighted by significant growth across many key financial metrics. As we previously discussed in our third quarter conference calls, we assess the performance metrics we report to ensure they best articulate Rollins's business. To that end, we discuss several additional measurements we would present each quarter, including EBITDA, free cash flow, and total organic revenue growth. In addition, we're now including organic revenue growth by revenue type, specifically residential, commercial, and termites. We believe this will bring further transparency to our revenue growth measurements. Also, we are including a slide deck on our website which presents the numbers we discuss within the earnings call presentation. To view the deck, please go to rollins.com, click on News and Events, then Presentations. We realize we're going over a lot of information today and believe this will give you a resource to review everything that we have covered.
So now on to the numbers. Our fourth quarter revenues of $600 million was an increase of 11.9% actual exchange rate growth, 8.9% organic. For the constant exchange rate, the total revenue growth percentage was calculated to 11% with an 8.1% organic. For the full-year 2021, revenues of $2.4 billion was an increase of 12.2% over full-year 2020, 9.5% organic. The constant exchange rate total revenue growth for 2021 equaled 11.4%, 8.7% organic. As mentioned previously, residential, commercial, and termite all grew double digits this quarter over the same quarter last year. What Jerry did not tell you was that all three also grew double digits for the full-year 2021 over 2020. The fourth quarter growth over last year, residential grew 11.9%, 8.4% organic; commercial grew 11.4%, 9.3% organic; lastly, we have termite which grew 13.6% with 10.1% organic. For the full year 2021 over 2020, residential grew 12.9%, 10% organic; commercial grew 10.2%, 7.4% organic; and we close that with termite at a 14.3% growth, 11.9% organic.
Now to our income. For the fourth quarter and year-to-date, we are presenting adjusted EBITDA for comparison purposes due to the one-time supervesting of our late Chairman's stock grants in the third quarter of 2020, the impact of our gain on sale of several of our Clark properties in the first six months of 2021, and our recorded accrual related to the potential settlement of the SEC matter in the third and fourth quarters of 2021. Fourth quarter adjusted 2021 EBITDA was $122.2 million, or 11.2% over 2020. Fourth quarter 2021 adjusted EPS was $0.14 per diluted share or 7.7% improvement over 2020. For the full-year 2021, our adjusted EBITDA was $546.4 million or 20.1% over last year. Year-to-date, 2021 adjusted EPS was $0.68 per diluted share or 25.9% over 2020. For fourth quarter 2021, gross margin increased 50.4% or one-tenth of a point over last year. That was after overcoming our strong headwinds of fleet expenses, specifically fuel in the amount of $4.5 million and termite M&S for $2.7 million.
Sales, general, and administrative fourth quarter 2021 margin increased 1.6 over last year. This was driven by the increase in sales salaries mentioned by Jerry along with the increased SEC accrual. Without these two items, our SG&A fourth-quarter margin presented an improvement over fourth quarter 2020. Related to the SEC potential settlement, we recorded an accrual of $5 million in Q4. This was in addition to the $3 million we previously accrued in the third quarter. These amounts are not tax deductible for state or federal taxes. The company continues to cooperate with SEC in working towards a final resolution. During the year, we completed significant remediation efforts, including the addition of a Chief Accounting Officer, SEC attorney, and SEC external reporting director. Also, we reevaluated and strengthened our internal controls over financial reporting while improving processes, procedures, and related supporting documentation, including those relating to management's judgments and estimates.
Now for a few notes regarding our cash flow. Our dividends full year 2021 were $208.7 million, or an increase of 30% over 2020, while cash use for acquisitions declined 5.8% to $139 million for 2021. We ended the current period with $105.3 million in cash, of which $78.1 million was held by our foreign subsidiaries. As you've probably noted over time, our foreign cash held has increased with the exception of use for acquisitions. We're in the process of restructuring our foreign entities to make cash from foreign operations more readily available. This should be completed later in 2022.
Now to free cash flow. For the fourth quarter of 2021, our free cash flow was $88.9 million, or a decrease of 0.8% over last year. The decline was due to a capital expenditure increase from upgrading our data center facility as part of our cyber security initiatives. Full-year free cash flow was $395 million, or a decrease of $41 million. This decline was primarily due to the $30 million 2020 CARES Act taxes paid in 2021 and a $32 million gain from the sale of the Clark properties, the latter of which is an operating cash reconciling item. Last, I am happy to share that yesterday our board of directors approved a regular cash dividend of $0.10 per share that will be paid on March 10th, 2022, to shareholders of record at the close of business February 10th, 2022. This represents a 25% increase over the March 2021 regular cash dividend paid out. The dividend increase reflects our strong performance in 2021 and it accentuates our financial strength, our solid capital position, and the board's confidence in our outlook for continued growth.
Gary, I'll turn it back to you.