Carriage Services, Inc. (NYSE:CSV) today announced results for the
first quarter ended March 31, 2018.
Mel Payne, Chief Executive Officer, stated, “We
got off to a good start in 2018 by setting numerous historical
first quarter performance records including Total Revenue of $73.4
million (up 7.7%), Total Field EBITDA of $31.2 million (up 5.8%),
Consolidated EBITDA of $22.4 million (up 9.2%), GAAP and Adjusted
Net Income of $9.4 million and $10.5 million, respectively (up
32.1% and 29.5%), GAAP and Adjusted Diluted EPS of $0.52 and $0.59,
respectively (up 33.3% and 31.1%), and Free Cash Flow of $13.4
million (up 110.4%).
We experienced the consolidation platform
performance fruits of our investment in overhead infrastructure and
people during 2017 as we were able to leverage an increase of 7.7%
in Total Revenue (50% each from Same Store and Acquisitions) into a
9.2% increase in Consolidated EBITDA, much higher increases of over
30% in both EPS metrics and more than 100% in Free Cash Flow, as
Total Overhead declined slightly to $8.8 million but was down
materially as a percent of revenue with a decline of 120 basis
points to 12.0%. Our Same Store Funeral Contracts and Revenue were
up 3.4% and 4.0% (Field EBITDA up 2.9%) while Same Store Cemetery
Revenue and Field EBITDA were the sector performance stars in the
first quarter with increases of 8.1% and 14.1%, respectively.
We are lowering the midpoint of our Rolling Four
Quarter Outlook Ranges on revenues by 2.5%, Consolidated EBITDA by
4.2% and Adjusted Diluted EPS by 9.9% due to three specific issues,
i.e. an acquisition under LOI (has since lapsed) that didn’t close
in the fourth quarter as expected, rising interest costs on our
floating rate debt, and a higher diluted share count related to our
convertible debt and recent increase in our share price.
Year to date comparative highlights are shown
below:
Three Months Ended March 31, 2018 compared to
Three Months Ended March 31, 2017
- Record Total Revenue of $73.4 million, an increase of
7.7%;
- Record Net Income of $9.4 million, an increase of 32.1%;
- Record GAAP Diluted Earnings Per Share of $0.52, an increase of
33.3%;
- Record Total Field EBITDA of $31.2 million, an increase of
5.8%;
- Total Field EBITDA Margin down 70 basis points to 42.6%;
- Record Consolidated EBITDA of $22.4 million, an increase of
9.2%;
- Consolidated EBITDA Margin up 40 basis points to 30.6%;
- Record Adjusted Net Income of $10.5 million, an increase of
29.5%;
- Record Adjusted Diluted Earnings Per Share of $0.59, an
increase of 31.1%; and
- Record Free Cash Flow of $13.4 million, an increase of
110.4%.
While we never claim that a 'good quarter' has
much meaning to long term value creation and investors, this
particular quarter had historical significance. There were
years and years between 2003 and 2011 when I tried to lead,
inspire, convince, cajole and 'tough love' coach our corporate and
field leadership into believing that we could achieve 50¢/share in
annual earnings. While we almost made this annual earnings
milestone in 2007 with Adjusted Diluted EPS of 48¢ on revenue of
$167.8 million, we had only increased annual Adjusted Diluted EPS
to 66¢ on revenue of $190.6 million by 2011 (10¢ benefit from
15% share count reduction in 2008/2009) primarily due to declining
margins in our funeral and cemetery portfolios that produced a
Consolidated EBITDA Margin of only 22.0% in 2011.
So to start off the first quarter of 2018 by
achieving a Consolidated EBITDA Margin of 30.6% and 52¢ of GAAP
Diluted EPS and 59¢ of Adjusted Diluted EPS is indeed gratifying
and confirming that the high performance culture concept of
'First Who, Then What' is alive and well in
all areas of our company.
Last year in my 2016 Shareholder Letter I
covered the first 25 year history of our Company which explained
the evolution of the unique ideas, concepts and methodologies that
comprise the critical elements of Carriage’s High
Performance Culture Framework. My 2017 Shareholder
Letter covers the evolution of both our current funeral portfolio
profile (78% of Total Revenue) and strategic geographical profile
at December 31, 2017. I also break down the
publicly reported same store funeral consolidated results into a
deeply analytical review of performance trends in the larger
businesses of our Same Store Funeral Portfolio since 2013 (one
subset since 2003), as well as Total Company Revenue and Field
EBITDA growth trends since 2006 through execution of our Strategic
Acquisition Model.
My goal for the 2017 Shareholder Letter was to
enable an investor with a long term investment horizon to more
fully comprehend the limited downside risks related to our business
operations and growth strategy (cremation trends, death rates,
acquisitions, leverage, economic and market down cycles, etc.)
compared to the strong cash flow fundamentals and considerable
upside returns over the next five to ten years as we get better and
better at execution of our three core models.
My extensive writing about our Company and its
reported performance in my 2015, 2016 and 2017 Shareholder Letters
was intended to educate and stimulate curiosity by select long term
investors as well as 'best in class' acquisition candidates who
then want to visit with us in Houston or with any of our field
operating businesses. We have learned that analyzing our SEC
filings and simply reading or hearing that we have evolved into a
High Performance
Culture Company that just happens to
be in the deathcare industry is often not enough to justify a
significant long term ownership position or to come to the
realization that we have evolved 'succession plan solutions' that
are unimaginable to most high quality business owners.
We are very open and transparent for those
seeking to learn more about our Company because all of our leaders
and employees are extremely proud of the uniqueness of the
Being The Best 'idea' of Carriage and the
realization that each one of us can make a positive difference in
the lives of many others as we continue Carriage’s Good To
Great Journey that never ends,” concluded Mr. Payne.
HIGH PERFORMANCE HEROES
The following are High Performance Hero Managing
Partners leading us during the first quarter on our Good To
Great Journey that never ends:
Andrew Cumby |
|
Cumby Family Funeral
Home; High Point, NC |
Jason Higginbotham |
|
Lakeland Funeral Home;
Lakeland, FL |
Ken Duffy |
|
John E. Day Funeral
Home; Red Bank, NJ |
Barry Ransbottom |
|
Beard Mortuary;
Huntington, WV |
Bill Martinez |
|
Stanfill Funeral Home;
Miami, FL |
Courtney Charvet |
|
North Brevard Funeral
Home; Titusville, FL |
Mark Cooper |
|
Seaside Funeral Home;
Corpus Christi, TX |
Kyle Incardona |
|
Hillier Funeral Home;
Bryan/College Station, TX |
Cyndi Hoots |
|
Schmidt Funeral Homes;
Katy, TX |
Cesar Gutierrez |
|
Heritage-Dilday
Memorial Services; Huntington Beach, CA |
Justin Luyben |
|
Evans-Brown Mortuaries
& Crematory; Sun City, CA |
TRUST FUND PERFORMANCE
Shown below are consolidated performance metrics
for the combined trust fund portfolios (preneed funeral, preneed
cemetery and cemetery perpetual care) at key dates.
Investment Performance |
|
|
Investment Performance(1) |
|
Index Performance |
|
|
Discretionary |
Total Trust |
|
S&P 500 Stock Index |
High Yield Index |
70/30 indexBenchmark(2) |
|
|
|
|
|
|
|
|
3 months ended
03/31/2018 |
|
(3.3 |
%) |
(3.0 |
%) |
|
(0.8 |
%) |
(0.9 |
%) |
(0.8 |
%) |
1 year ended
12/31/17 |
|
13.1 |
% |
12.3 |
% |
|
21.8 |
% |
7.5 |
% |
11.8 |
% |
2 years ended
12/31/17 |
|
35.3 |
% |
32.9 |
% |
|
36.4 |
% |
25.9 |
% |
29.1 |
% |
3 years ended
12/31/17 |
|
31.2 |
% |
29.3 |
% |
|
38.3 |
% |
20.3 |
% |
25.7 |
% |
4 years ended
12/31/17 |
|
42.1 |
% |
39.5 |
% |
|
58.6 |
% |
23.2 |
% |
33.8 |
% |
5 years ended
12/31/17 |
|
62.4 |
% |
58.6 |
% |
|
102.3 |
% |
32.4 |
% |
53.4 |
% |
|
|
|
|
|
|
|
|
(1)
Investment performance includes realized income and unrealized
appreciation (depreciation). |
(2) The
70/30 Benchmark is 70% weighted to the High Yield Index and 30%
weighted to the S&P 500 Stock Index. |
Asset Allocation as of March 31, 2018 (in
thousands) |
|
|
|
|
DiscretionaryTrust Funds |
|
TotalTrust Funds |
Asset
Class |
|
|
|
MV |
|
|
% |
|
MV |
|
|
% |
Equities |
|
|
|
$ |
66,593 |
|
34 |
% |
|
$ |
69,193 |
|
30 |
% |
Fixed Income |
|
|
|
|
106,191 |
|
54 |
% |
|
|
117,970 |
|
51 |
% |
Cash |
|
|
|
|
19,783 |
|
10 |
% |
|
|
41,129 |
|
18 |
% |
Other/Insurance |
|
|
|
|
3,155 |
|
2 |
% |
|
|
3,336 |
|
1 |
% |
Total Portfolios |
|
|
|
$ |
195,722 |
|
100 |
% |
|
$ |
231,628 |
|
100 |
% |
|
Our total annual return for our Discretionary
Preneed Funeral and Cemetery Trusts was (3.3%) compared to a total
return of (0.8%) for the 70/30 High Yield/S&P 500 benchmark.
Since the beginning of last year, we have slowly shifted the
portfolio towards equity securities, as we found better relative
value opportunities versus the high yield market. The overall
performance for the quarter was particularly affected by weakness
in some segments of our equity portfolio, while the performance of
our fixed income portfolio generally tracked the High Yield
benchmark.
FREE CASH FLOW
We produced Free Cash Flow from operations for
the three months ended March 31, 2018 of $13.4 million compared to
Free Cash Flow from operations of $6.4 million for the
corresponding period in 2017. A reconciliation of Cash Flow
Provided by Operations to Free Cash Flow for the three months ended
March 31, 2017 and 2018 is as follows (in thousands):
|
Three Months Ended March 31, |
|
2017 |
|
|
2018 |
|
Cash flow provided by
operations |
$ |
8,159 |
|
|
$ |
14,883 |
|
Cash used for
maintenance capital expenditures
|
(1,773 |
) |
|
(1,446 |
) |
Free Cash Flow |
$ |
6,386 |
|
|
$ |
13,437 |
|
ROLLING FOUR QUARTER
OUTLOOK
The Rolling Four Quarter Outlook (“Outlook”)
reflects management’s opinion on the performance of the portfolio
of existing businesses, including performance of existing trusts,
and excludes size and timing of acquisitions for the Rolling Four
Quarter Outlook period ending March 31, 2019 unless we have a
signed Letter of Intent and high likelihood of a closing within 90
days. This Outlook is not intended to be management estimates or
forecasts of our future performance, as we believe precise
estimates will be precisely wrong all the time. Rather our intent
and goal is to reflect a “Roughly Right Range” most of the time of
future Rolling Four Quarter Outlook performance as we execute our
Standards Operating, Strategic Acquisition and 4E Leadership Models
over time. Similarly, we self-publish a Company and Investment
Profile, available on our website, that includes a Five Year
“Roughly Right Scenario” of our future performance which, together
with our Five Year Trend Report, provides investors a ten year past
and future profile of our financial value creation dynamics and
condition, making it easier to judge whether our “trends will
continue to be the friend” of long term investors.
ROLLING FOUR QUARTER OUTLOOK – Period Ending March 31,
2019
|
|
Range(in millions, except per share amounts) |
Revenues |
|
$274 -
$277 |
Adjusted Consolidated
EBITDA |
|
$77 -
$81 |
Adjusted Net
Income |
|
$32 -
$34 |
Adjusted Basic Earnings
Per Share(1) |
|
$2.00
- $2.05 |
Adjusted Diluted
Earnings Per Share(1) |
|
$1.80
- $1.85 |
|
|
|
Factors affecting our analysis include, among
others, funeral contract volumes, average revenue per funeral
service, cemetery interment volumes, preneed cemetery sales,
capital expenditures, execution of our funeral and cemetery
Standards Operating Model, market volatility and changes in Federal
Reserve monetary policy. Revenues, Adjusted Consolidated EBITDA,
Adjusted Net Income, Adjusted Basic Earnings Per Share and Adjusted
Diluted Earnings Per Share for the four quarter period ending March
31, 2019 are expected to improve relative to the trailing four
quarter period ended March 31, 2018 due to increases in our
existing Funeral Home and Cemetery portfolio and modest decreases
in overhead as a percentage of revenue.
(1 |
) |
The
Rolling Four Quarter Outlook on Adjusted Basic Earnings Per Share
and Adjusted Diluted Earnings Per Share does not include any
changes to our fully diluted share count that could occur related
to additional share repurchases or a stock price increase and EPS
dilution calculations related to our convertible subordinated notes
and outstanding and exercisable stock options. |
CONFERENCE CALL AND INVESTOR RELATIONS
CONTACT
Carriage Services has scheduled a conference
call for tomorrow, April 25, 2018 at 8:30 a.m. central time
(NEW TIME). To participate in the call, please
dial 866-516-3867 (ID-2879306) and ask for the Carriage Services
conference call. A replay of the conference call will be available
through April 30, 2018 and may be accessed by dialing 855-859-2056
(ID-2879306). The conference call will also be available at
www.carriageservices.com. For any investor relations questions,
please contact Viki Blinderman at 713-332-8568 or Ben Brink at
713-332-8441 or email InvestorRelations@carriageservices.com.
|
|
|
CARRIAGE SERVICES, INC. |
OPERATING AND FINANCIAL TREND
REPORT |
(IN THOUSANDS - EXCEPT PER SHARE
AMOUNTS) |
|
|
|
|
|
Three Months Ended March 31, |
|
2017 |
2018 |
% Change |
|
|
|
|
Same Store
Contracts |
|
|
|
Atneed
Contracts |
6,625 |
|
6,805 |
|
2.7 |
% |
Preneed
Contracts |
1,524 |
|
1,625 |
|
6.6 |
% |
Total Same Store
Funeral Contracts |
8,149 |
|
8,430 |
|
3.4 |
% |
Acquisition
Contracts |
|
|
|
Atneed
Contracts |
1,056 |
|
1,506 |
|
42.6 |
% |
Preneed
Contracts |
204 |
|
176 |
|
(13.7 |
%) |
Total Acquisition
Funeral Contracts |
1,260 |
|
1,682 |
|
33.5 |
% |
Total Funeral
Contracts |
9,409 |
|
10,112 |
|
7.5 |
% |
|
|
|
|
Funeral
Operating Revenue |
|
|
|
Same
Store Revenue |
$ |
43,761 |
|
$ |
45,509 |
|
4.0 |
% |
Acquisition Revenue |
8,138 |
|
10,773 |
|
32.4 |
% |
Total Funeral
Operating Revenue |
$ |
51,899 |
|
$ |
56,282 |
|
8.4 |
% |
|
|
|
|
Cemetery
Operating Revenue |
|
|
|
Same
Store Revenue |
$ |
10,839 |
|
$ |
11,717 |
|
8.1 |
% |
Acquisition Revenue |
909 |
|
870 |
|
(4.3 |
%) |
Total Cemetery
Operating Revenue |
$ |
11,748 |
|
$ |
12,587 |
|
7.1 |
% |
|
|
|
|
Financial
Revenue |
|
|
|
Preneed
Funeral Commission Income |
$ |
303 |
|
$ |
260 |
|
(14.2 |
%) |
Preneed
Funeral Trust Earnings |
1,946 |
|
2,052 |
|
5.4 |
% |
Cemetery
Trust Earnings |
1,716 |
|
1,759 |
|
2.5 |
% |
Preneed
Cemetery Finance Charges |
482 |
|
447 |
|
(7.3 |
%) |
Total Financial
Revenue |
$ |
4,447 |
|
$ |
4,518 |
|
1.6 |
% |
|
|
|
|
Total Divested
Revenue |
$ |
63 |
|
$ |
— |
|
|
|
|
|
|
|
Total
Revenue |
$ |
68,157 |
|
$ |
73,387 |
|
7.7 |
% |
|
|
|
|
Field
EBITDA |
|
|
|
Same
Store Funeral Field EBITDA |
$ |
18,234 |
|
$ |
18,757 |
|
2.9 |
% |
Same
Store Funeral Field EBITDA Margin |
41.7 |
% |
41.2 |
% |
(50 |
bp) |
Acquisition Funeral Field EBITDA |
3,504 |
|
4,291 |
|
22.5 |
% |
Acquisition Funeral Field EBITDA Margin |
43.1 |
% |
39.8 |
% |
(330 |
bp) |
Total Funeral
Field EBITDA |
$ |
21,738 |
|
$ |
23,048 |
|
6.0 |
% |
Total Funeral
Field EBITDA Margin |
41.9 |
% |
41.0 |
% |
(90 |
bp) |
|
|
|
|
Same
Store Cemetery Field EBITDA |
$ |
3,295 |
|
$ |
3,760 |
|
14.1 |
% |
Same
Store Cemetery Field EBITDA Margin |
30.4 |
% |
32.1 |
% |
170 |
bp |
Acquisition Cemetery Field EBITDA |
353 |
|
325 |
|
(7.9 |
%) |
Acquisition Cemetery Field EBITDA Margin |
38.8 |
% |
37.4 |
% |
(140 |
bp) |
Total Cemetery
Field EBITDA |
$ |
3,648 |
|
$ |
4,085 |
|
12.0 |
% |
Total Cemetery
Field EBITDA Margin |
31.1 |
% |
32.5 |
% |
140 |
bp |
|
|
|
|
Funeral
Financial EBITDA |
$ |
2,043 |
|
$ |
2,047 |
|
0.2 |
% |
Cemetery
Financial EBITDA |
2,087 |
|
2,065 |
|
(1.1 |
%) |
Total Financial
EBITDA |
$ |
4,130 |
|
$ |
4,112 |
|
(0.4 |
%) |
Total Financial
EBITDA Margin |
92.9 |
% |
91.0 |
% |
(190 |
bp) |
|
|
|
|
Total Divested
EBITDA |
$ |
1 |
|
$ |
(3 |
) |
|
Total Divested
EBITDA Margin |
— |
% |
— |
% |
|
|
|
|
|
Total Field
EBITDA |
$ |
29,517 |
|
$ |
31,242 |
|
5.8 |
% |
Total Field
EBITDA Margin |
43.3 |
% |
42.6 |
% |
(70 |
bp) |
|
|
|
|
OPERATING AND FINANCIAL TREND
REPORT |
(IN THOUSANDS - EXCEPT PER SHARE
AMOUNTS) |
|
|
|
|
|
Three Months Ended March 31, |
|
2017 |
2018 |
% Change |
|
|
|
|
Overhead |
|
|
|
Total
Variable Overhead |
$ |
2,166 |
|
$ |
2,560 |
|
18.2 |
% |
Total
Regional Fixed Overhead |
1,067 |
|
1,077 |
|
0.9 |
% |
Total
Corporate Fixed Overhead |
5,732 |
|
5,162 |
|
(9.9 |
%) |
Total
Overhead |
$ |
8,965 |
|
$ |
8,799 |
|
(1.9 |
%) |
Overhead as a
percentage of Revenue |
13.2 |
% |
12.0 |
% |
(120 |
bp) |
|
|
|
|
Consolidated
EBITDA |
$ |
20,552 |
|
$ |
22,443 |
|
9.2 |
% |
Consolidated
EBITDA Margin |
30.2 |
% |
30.6 |
% |
40 |
bp |
|
|
|
|
Other Expenses
and Interest |
|
|
|
Depreciation & Amortization |
$ |
3,847 |
|
$ |
4,216 |
|
9.6 |
% |
Non-Cash
Stock Compensation |
836 |
|
1,100 |
|
31.6 |
% |
Interest
Expense |
3,029 |
|
3,735 |
|
23.3 |
% |
Accretion
of Discount on Convertible Subordinated Notes |
1,037 |
|
1,160 |
|
11.9 |
% |
Other,
Net |
(3 |
) |
(2 |
) |
|
Pre-Tax
Income |
$ |
11,806 |
|
$ |
12,234 |
|
3.6 |
% |
Provision for Income
Taxes |
4,722 |
|
3,365 |
|
|
Tax Benefit Related to
Certain Discrete Items |
— |
|
(487 |
) |
|
Net Tax
Provision |
4,722 |
|
2,878 |
|
|
GAAP Net
Income |
$ |
7,084 |
|
$ |
9,356 |
|
32.1 |
% |
|
|
|
|
Special
Items |
|
|
|
Accretion
of Discount on Convertible Subordinated Notes |
$ |
1,037 |
|
$ |
1,160 |
|
|
Adjusted Net
Income |
$ |
8,121 |
|
$ |
10,516 |
|
29.5 |
% |
Adjusted Net
Profit Margin |
11.9 |
% |
14.3 |
% |
240 |
bp |
|
|
|
|
Adjusted Basic Earnings
Per Share |
$ |
0.48 |
|
$ |
0.65 |
|
35.4 |
% |
Adjusted Diluted
Earnings Per Share |
$ |
0.45 |
|
$ |
0.59 |
|
31.1 |
% |
|
|
|
|
GAAP Basic Earnings Per
Share |
$ |
0.42 |
|
$ |
0.58 |
|
38.1 |
% |
GAAP Diluted Earnings
Per Share |
$ |
0.39 |
|
$ |
0.52 |
|
33.3 |
% |
|
|
|
|
Weighted Average Basic
Shares Outstanding |
16,597 |
|
16,094 |
|
|
Weighted Average
Diluted Shares Outstanding |
18,082 |
|
17,700 |
|
|
|
|
|
|
There
are no adjustments to Consolidated EBITDA for the three months
ended March 31, 2017 and 2018. |
|
CARRIAGE SERVICES, INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands) |
|
|
|
|
(unaudited) |
|
December 31, 2017 |
|
March 31, 2018 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
952 |
|
|
$ |
779 |
|
Accounts
receivable, net |
19,655 |
|
|
17,817 |
|
Inventories |
6,519 |
|
|
6,566 |
|
Prepaid
expenses |
2,028 |
|
|
1,966 |
|
Other
current assets |
986 |
|
|
572 |
|
Total current assets |
30,140 |
|
|
27,700 |
|
Preneed cemetery trust
investments |
73,853 |
|
|
70,296 |
|
Preneed funeral trust
investments |
90,682 |
|
|
91,782 |
|
Preneed receivables,
net |
31,644 |
|
|
20,982 |
|
Receivables from
preneed trusts |
15,287 |
|
|
15,802 |
|
Property, plant and
equipment, net |
247,294 |
|
|
245,622 |
|
Cemetery property,
net |
76,331 |
|
|
75,935 |
|
Goodwill |
287,956 |
|
|
287,956 |
|
Intangible and other
non-current assets |
18,117 |
|
|
20,830 |
|
Cemetery perpetual care
trust investments |
50,229 |
|
|
48,285 |
|
Total
assets |
$ |
921,533 |
|
|
$ |
905,190 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Current
portion of long-term debt and capital lease obligations |
$ |
17,251 |
|
|
$ |
17,320 |
|
Accounts
payable |
6,547 |
|
|
7,273 |
|
Other
liabilities |
1,361 |
|
|
3,789 |
|
Accrued
liabilities |
17,559 |
|
|
12,397 |
|
Total current liabilities |
42,718 |
|
|
40,779 |
|
Long-term debt, net of
current portion |
121,034 |
|
|
116,886 |
|
Revolving credit
facility |
91,120 |
|
|
83,389 |
|
Convertible
subordinated notes due 2021 |
124,441 |
|
|
125,733 |
|
Obligations under
capital leases, net of current portion |
6,361 |
|
|
6,371 |
|
Deferred preneed
cemetery revenue |
54,690 |
|
|
50,797 |
|
Deferred preneed
funeral revenue |
34,585 |
|
|
27,251 |
|
Deferred tax
liability |
31,159 |
|
|
31,366 |
|
Other long-term
liabilities |
3,378 |
|
|
2,819 |
|
Deferred preneed
cemetery receipts held in trust |
73,853 |
|
|
70,296 |
|
Deferred preneed
funeral receipts held in trust |
90,682 |
|
|
91,782 |
|
Care trusts’
corpus |
49,856 |
|
|
47,561 |
|
Total liabilities |
$ |
723,877 |
|
|
$ |
695,030 |
|
Commitments and
contingencies: |
|
|
|
Stockholders’
equity: |
|
|
|
Common
stock |
$ |
226 |
|
|
$ |
228 |
|
Additional paid-in capital |
216,158 |
|
|
216,526 |
|
Retained
earnings |
57,904 |
|
|
70,038 |
|
Treasury
stock |
(76,632 |
) |
|
(76,632 |
) |
Total stockholders’ equity |
197,656 |
|
|
210,160 |
|
Total liabilities and stockholders’ equity |
$ |
921,533 |
|
|
$ |
905,190 |
|
|
CARRIAGE SERVICES, INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except per share
data) |
|
|
(unaudited) |
|
Three Months Ended March 31, |
|
2017 |
|
2018 |
|
|
|
|
Revenues: |
|
|
|
Funeral |
$ |
54,211 |
|
|
$ |
58,594 |
|
Cemetery |
13,946 |
|
|
14,793 |
|
|
68,157 |
|
|
73,387 |
|
Field costs and
expenses: |
|
|
|
Funeral |
30,429 |
|
|
33,502 |
|
Cemetery |
8,211 |
|
|
8,643 |
|
Depreciation and amortization |
3,471 |
|
|
3,773 |
|
Regional
and unallocated funeral and cemetery costs
|
2,954 |
|
|
3,281 |
|
|
45,065 |
|
|
49,199 |
|
Gross profit |
23,092 |
|
|
24,188 |
|
|
|
|
|
Corporate costs and
expenses: |
|
|
|
General,
administrative and other |
6,847 |
|
|
6,618 |
|
Home
office depreciation and amortization |
376 |
|
|
443 |
|
|
7,223 |
|
|
7,061 |
|
Operating income |
15,869 |
|
|
17,127 |
|
Interest expense |
(3,029 |
) |
|
(3,735 |
) |
Accretion of discount
on convertible subordinated notes |
(1,037 |
) |
|
(1,160 |
) |
Other, net |
3 |
|
|
2 |
|
Income before income
taxes |
11,806 |
|
|
12,234 |
|
Provision for income
taxes |
(4,722 |
) |
|
(3,365 |
) |
Income tax benefit
related to certain discrete items |
— |
|
|
487 |
|
Net provision for
income taxes |
(4,722 |
) |
|
(2,878 |
) |
Net income |
$ |
7,084 |
|
|
$ |
9,356 |
|
|
|
|
|
Basic earnings per
common share: |
$ |
0.42 |
|
|
$ |
0.58 |
|
Diluted earnings per
common share: |
$ |
0.39 |
|
|
$ |
0.52 |
|
|
|
|
|
Dividends declared per
common share |
$ |
0.050 |
|
|
$ |
0.075 |
|
|
|
|
|
Weighted average number
of common and common equivalent shares outstanding: |
|
|
|
Basic |
|
16,597 |
|
|
|
16,094 |
|
Diluted |
|
18,082 |
|
|
|
17,700 |
|
|
CARRIAGE SERVICES, INC. |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(in thousands) |
|
|
(unaudited) |
|
Three Months Ended March 31, |
|
2017 |
|
2018 |
Cash flows from
operating activities: |
|
|
|
Net
income |
$ |
7,084 |
|
|
$ |
9,356 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
3,847 |
|
|
4,216 |
|
Provision
for losses on accounts receivable |
389 |
|
|
459 |
|
Stock-based compensation expense |
836 |
|
|
1,100 |
|
Deferred
income tax expense |
162 |
|
|
207 |
|
Amortization of deferred financing costs |
203 |
|
|
208 |
|
Amortization of capitalized commissions on preneed contracts |
— |
|
|
149 |
|
Accretion
of discount on convertible subordinated notes |
1,037 |
|
|
1,160 |
|
Net loss
on sale of businesses and disposal of other assets |
155 |
|
|
19 |
|
Changes in operating
assets and liabilities that provided (required) cash: |
|
|
|
Accounts
and preneed receivables |
303 |
|
|
(533 |
) |
Inventories and other current assets |
1,976 |
|
|
429 |
|
Intangible and other non-current assets |
80 |
|
|
(85 |
) |
Preneed
funeral and cemetery trust investments |
(1,404 |
) |
|
3,886 |
|
Accounts
payable |
(2,778 |
) |
|
727 |
|
Accrued
and other liabilities |
(6,142 |
) |
|
(3,009 |
) |
Deferred
preneed funeral and cemetery revenue |
1,308 |
|
|
1,346 |
|
Deferred
preneed funeral and cemetery receipts held in trust |
1,103 |
|
|
(4,752 |
) |
Net cash
provided by operating activities |
8,159 |
|
|
14,883 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Capital
expenditures |
(3,730 |
) |
|
(2,065 |
) |
Net cash
used in investing activities |
(3,730 |
) |
|
(2,065 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Borrowings from the revolving credit facility |
18,800 |
|
|
3,700 |
|
Payments
against the revolving credit facility |
(21,400 |
) |
|
(11,500 |
) |
Payments
against the term loan |
(2,813 |
) |
|
(3,750 |
) |
Payments
on long-term debt and obligations under capital leases |
(368 |
) |
|
(428 |
) |
Payments
on contingent consideration recorded at acquisition date |
(101 |
) |
|
(138 |
) |
Proceeds
from the exercise of stock options and employee stock purchase plan
contributions |
315 |
|
|
626 |
|
Taxes
paid on restricted stock vestings and exercises of non-qualified
options |
(509 |
) |
|
(294 |
) |
Dividends
on common stock |
(833 |
) |
|
(1,207 |
) |
Net cash
used in financing activities |
(6,909 |
) |
|
(12,991 |
) |
|
|
|
|
Net
decrease in cash and cash equivalents |
(2,480 |
) |
|
(173 |
) |
Cash and cash
equivalents at beginning of period |
3,286 |
|
|
952 |
|
Cash and cash
equivalents at end of period |
$ |
806 |
|
|
$ |
779 |
|
NON-GAAP FINANCIAL MEASURES
This press release uses Non-GAAP financial
measures to present the financial performance of the Company. Our
non-GAAP reporting provides a transparent framework of our
operating and financial performance that reflects the earning power
of the Company as an operating and consolidation platform.
Non-GAAP financial measures should be viewed in
addition to, and not as an alternative for, the Company’s reported
operating results or cash flow from operations or any other measure
of performance as determined in accordance with GAAP. We believe
the Non-GAAP results are useful to investors to compare our results
to previous periods, to provide insight into the underlying
long-term performance trends in our business and to provide the
opportunity to differentiate ourselves as the best consolidation
platform in the industry against the performance of other funeral
and cemetery companies.
The Company’s GAAP financial statements
accompany this release. Reconciliations of the Non-GAAP financial
measures to GAAP measures are provided in this press release.
The Non-GAAP financial measures include “Special
Items”, “Adjusted Net Income”, “Consolidated EBITDA”, “Adjusted
Consolidated EBITDA”, “Adjusted Consolidated EBITDA Margin”, “Free
Cash Flow”, “Funeral, Cemetery and Financial EBITDA”, “Total Field
EBITDA”, “Total Field EBITDA Margin”, “Divested Revenue”, “Divested
EBITDA”, “Divested EBITDA Margin”, “Adjusted Basic Earnings Per
Share” and “Adjusted Diluted Earnings Per Share” in this press
release. These financial measurements are defined as similar GAAP
items adjusted for Special Items and are reconciled to GAAP in this
press release. In addition, the Company’s presentation of these
measures may not be comparable to similarly titled measures in
other companies’ reports. The definitions used by the Company for
our internal management purposes and in this press release are as
follows:
- Special Items are defined as charges or credits included in our
GAAP financial statements that can vary from period to period and
are not reflective of costs incurred in the ordinary course of our
operations. Special Items are typically taxed at the federal
statutory rate, except for the accretion of the discount on
Convertible Subordinated Notes, as this is a non-tax deductible
item.
- Adjusted Net Income is defined as Net Income plus adjustments
for Special Items and other expenses or gains that we believe do
not directly reflect our core operations and may not be indicative
of our normal business operations.
- Consolidated EBITDA is defined as Net Income before income
taxes, interest expenses, non-cash stock compensation, depreciation
and amortization, and interest income and other, net.
- Adjusted Consolidated EBITDA is defined as Consolidated EBITDA
plus adjustments for Special Items and other expenses or gains that
we believe do not directly reflect our core operations and may not
be indicative of our normal business operations.
- Adjusted Consolidated EBITDA Margin is defined as Adjusted
Consolidated EBITDA as a percentage of revenue.
- Adjusted Free Cash Flow is defined as net cash provided by
operations, adjusted by Special Items as deemed necessary, less
cash for maintenance capital expenditures.
- Funeral Field EBITDA is defined as Funeral Gross Profit,
excluding depreciation and amortization, regional and unallocated
funeral costs and Financial EBITDA related to the Funeral Home
segment.
- Cemetery Field EBITDA is defined as Cemetery Gross Profit,
excluding depreciation and amortization, regional and unallocated
cemetery costs and Cemetery Financial EBITDA related to the
Cemetery segment.
- Funeral Financial EBITDA is defined as Funeral Financial
Revenue less Funeral Financial Expenses.
- Cemetery Financial EBITDA is defined as Cemetery Financial
Revenue less Cemetery Financial Expenses.
- Total Field EBITDA is defined as Gross Profit, excluding
depreciation and amortization, regional and unallocated funeral and
cemetery costs.
- Total Field EBITDA Margin is defined as Total Field EBITDA as a
percentage of revenue.
- Divested Revenue is defined as revenues from one business sold
during 2017.
- Divested EBITDA is defined as Divested Revenue, less field
level and financial expenses related to the sold business noted
above.
- Divested EBITDA Margin is defined as Divested EBITDA as a
percentage of Divested Revenue.
- Adjusted Basic Earnings Per Share is defined as GAAP Basic
Earnings Per Share, adjusted for Special Items.
- Adjusted Diluted Earnings Per Share is defined as GAAP Diluted
Earnings Per Share, adjusted for Special Items.
Funeral Field EBITDA and Cemetery Field
EBITDA
Our operations are reported in two business
segments: Funeral Home Operations and Cemetery Operations. Our
Field level results highlight trends in volumes, Revenues, Field
EBITDA (the individual business’ cash earning power / locally
controllable business profit) and Field EBITDA Margin (the
individual business’ controllable profit margin).
Funeral Field EBITDA and Cemetery Field EBITDA
are defined above. Gross Profit is defined as Revenue less “Field
costs and expenses” - a line item encompassing four areas of costs:
i) Funeral field costs, ii) Cemetery field costs, iii) depreciation
and amortization and iv) regional and unallocated costs. Funeral
and Cemetery field costs include funeral merchandise costs,
cemetery merchandise costs, operating expenses, labor and other
related expenses incurred at the business level.
Regional and unallocated funeral and cemetery
costs presented in our GAAP statement consist primarily of salaries
and benefits of our Regional leadership, incentive compensation
opportunity to our Field employees and other related costs for
field infrastructure. These costs, while necessary to operate our
businesses as currently operated within our unique, decentralized
platform, are not controllable operating expenses at the Field
level as the composition, structure and function of these costs are
determined by Executive leadership in the Houston Support Center.
These costs are components of our overall overhead platform
presented within Consolidated EBITDA and Adjusted Consolidated
EBITDA. We do not openly or indirectly “push down” any of these
expenses to the individual business’ field level margins.
We believe that our “Regional and unallocated
funeral and cemetery costs” are necessary to support our
decentralized, high performance culture operating framework, and as
such, are included in Consolidated EBITDA and Adjusted Consolidated
EBITDA, which more accurately reflects the cash earning power of
the Company as an operating and consolidation platform.
Consolidated EBITDA and Adjusted Consolidated
EBITDA
Consolidated EBITDA and Adjusted Consolidated
EBITDA are defined above. Our Adjusted Consolidated EBITDA include
adjustments for Special Items and other expenses or gains that we
believe do not directly reflect our core operations and may not be
indicative of our normal business operations.
How These Measures Are Useful
When used in conjunction with GAAP financial
measures, our Field EBITDA, Consolidated EBITDA and Adjusted
Consolidated EBITDA are supplemental measures of operating
performance that we believe are useful measures to facilitate
comparisons to our historical consolidated and business level
performance and operating results.
We believe our presentation of Adjusted
Consolidated EBITDA, key metric used internally by our management,
provides investors with a supplemental view of our operating
performance that facilitates analysis and comparisons of our
ongoing business operations because they exclude items that may not
be indicative of our ongoing operating performance.
Limitations of the Usefulness of These
Measures
Our Field EBITDA, Consolidated EBITDA and
Adjusted Consolidated EBITDA are not necessarily comparable to
similarly titled measures used by other companies due to different
methods of calculation. Our presentation is not intended to be
considered in isolation or as a substitute for, or superior to, the
financial information prepared and presented in accordance with
GAAP. Funeral Field EBITDA and Cemetery Field EBITDA are not
consolidated measures of profitability.
Field EBITDA excludes certain costs presented in
our GAAP statement that we do not allocate to the individual
business’ field level margins, as noted above. A reconciliation of
Field EBITDA to Gross Profit, the most directly comparable GAAP
measure, is set forth below.
Consolidated EBITDA excludes certain items that
we believe do not directly reflect our core operations and may not
be indicative of our normal business operations. A reconciliation
of Consolidated EBITDA to Net Income, the most directly comparable
GAAP measure, is set forth below.
Therefore, these measures may not provide a
complete understanding of our performance and should be reviewed in
conjunction with our GAAP financial measures.
Reconciliation of Non-GAAP Financial
Measures:
This press release includes the use of certain
financial measures that are not GAAP measures. The Non-GAAP
financial measures are presented for additional information and are
reconciled to their most comparable GAAP measures below.
Reconciliation of Net Income to Adjusted
Net Income for the three months ended March 31, 2017 and 2018
(in thousands):
|
Three Months Ended March 31, |
|
2017 |
|
2018 |
Net Income |
$ |
7,084 |
|
|
$ |
9,356 |
|
Special Items |
|
|
|
Accretion
of Discount on Convertible Subordinated Notes
|
1,037 |
|
|
1,160 |
|
Adjusted Net
Income |
$ |
8,121 |
|
|
$ |
10,516 |
|
|
Reconciliation of Net Income to
Consolidated EBITDA for the three months ended March 31, 2017
and 2018 (in thousands):
|
Three Months Ended March 31, |
|
2017 |
|
2018 |
Net Income |
$ |
7,084 |
|
|
$ |
9,356 |
|
Net Tax Provision |
4,722 |
|
|
2,878 |
|
Pre-Tax Income |
|
11,806 |
|
|
|
12,234 |
|
Interest Expense |
3,029 |
|
|
3,735 |
|
Accretion of Discount
on Convertible Subordinated Notes
|
1,037 |
|
|
1,160 |
|
Non-Cash Stock
Compensation |
836 |
|
|
1,100 |
|
Depreciation &
Amortization |
3,847 |
|
|
4,216 |
|
Other, Net |
(3 |
) |
|
(2 |
) |
Consolidated
EBITDA |
$ |
20,552 |
|
|
$ |
22,443 |
|
|
|
|
|
Revenue |
$ |
68,157 |
|
|
$ |
73,387 |
|
|
|
|
|
Consolidated EBITDA
Margin |
30.2 |
% |
|
30.6 |
% |
|
|
|
|
|
|
Reconciliation of Funeral and Cemetery
Gross Profit to Field EBITDA for the three months ended March
31, 2017 and 2018 (in thousands):
Funeral Field
EBITDA |
Three Months Ended March 31, |
|
2017 |
|
2018 |
Gross Profit
(GAAP) |
$ |
18,969 |
|
|
$ |
19,664 |
|
Depreciation &
Amortization |
2,369 |
|
|
2,564 |
|
Regional &
Unallocated Costs
|
2,444 |
|
|
2,864 |
|
Funeral Financial
EBITDA |
(2,043 |
) |
|
(2,047 |
) |
Divested EBITDA |
(1 |
) |
|
|
3 |
|
Funeral Field
EBITDA |
$ |
21,738 |
|
|
$ |
23,048 |
|
|
Cemetery Field
EBITDA |
Three Months Ended March 31, |
|
2017 |
|
2018 |
Gross Profit
(GAAP) |
$ |
4,123 |
|
|
$ |
4,524 |
|
Depreciation &
Amortization |
1,102 |
|
|
1,209 |
|
Regional &
Unallocated Costs
|
510 |
|
|
417 |
|
Cemetery Financial
EBITDA |
(2,087 |
) |
|
(2,065 |
) |
Cemetery Field
EBITDA |
$ |
3,648 |
|
|
$ |
4,085 |
|
|
Total Field
EBITDA |
Three Months Ended March 31, |
|
2017 |
|
2018 |
Funeral Field
EBITDA |
$ |
21,738 |
|
|
$ |
23,048 |
|
Cemetery Field
EBITDA |
3,648 |
|
|
4,085 |
|
Funeral Financial
EBITDA |
2,043 |
|
|
2,047 |
|
Cemetery Financial
EBITDA
|
2,087 |
|
|
2,065 |
|
Divested EBITDA |
1 |
|
|
(3 |
) |
Total Field EBITDA |
$ |
29,517 |
|
|
$ |
31,242 |
|
|
Reconciliation of GAAP Basic Earnings
Per Share to Adjusted Basic Earnings Per Share for the three months
ended March 31, 2017 and 2018:
|
Three Months Ended March 31, |
|
2017 |
|
2018 |
GAAP Basic Earnings Per
Share |
$ |
0.42 |
|
|
$ |
0.58 |
|
Special Items Affecting
Net Income
|
0.06 |
|
|
0.07 |
|
Adjusted Basic Earnings
Per Share |
$ |
0.48 |
|
|
$ |
0.65 |
|
|
Reconciliation of GAAP Diluted Earnings
Per Share to Adjusted Diluted Earnings Per Share for the three
months ended March 31, 2017 and 2018:
|
Three Months Ended March 31, |
|
2017 |
|
2018 |
GAAP Diluted Earnings
Per Share
|
$ |
0.39 |
|
|
$ |
0.52 |
|
Special Items Affecting
Net Income |
0.06 |
|
|
0.07 |
|
Adjusted Diluted
Earnings Per Share |
$ |
0.45 |
|
|
$ |
0.59 |
|
|
Reconciliation of Rolling Four Quarter
Outlook:
Earlier in this press release, we present the
Rolling Four Quarter Outlook (“Outlook”) which reflects
management’s opinion on the performance of the portfolio of
existing businesses, including performance of existing trusts, and
excludes size and timing of acquisitions for the Rolling Four
Quarter Outlook period ending March 31, 2019 unless we have a
signed Letter of Intent and high likelihood of a closing within 90
days. This Outlook is not intended to be management estimates or
forecasts of our future performance, as we believe precise
estimates will be precisely wrong all the time. The following
four reconciliations are presented at the approximate midpoint of
the range in this Outlook.
Reconciliation of Net Income to
Consolidated EBITDA for the estimated Rolling Four Quarters ending
March 31, 2019 (in thousands):
|
March 31, 2019E |
Net Income |
$ |
27,400 |
Total Tax
Provision |
10,400 |
Pretax Income |
|
37,800 |
|
|
|
Net Interest Expense,
including Accretion of Discount on Convertible Subordinated
Notes
|
18,800 |
Depreciation &
Amortization, including Non-cash Stock Compensation |
21,900 |
Consolidated
EBITDA |
$ |
78,500 |
|
Reconciliation of Net Income to Adjusted
Net Income for the estimated Rolling Four Quarters ending March 31,
2019 (in thousands):
|
March 31, 2019E |
Net Income |
$ |
27,400 |
Special Items |
4,800 |
Adjusted Net
Income
|
$ |
32,200 |
Reconciliation of GAAP Basic Earnings
Per Share to Adjusted Basic Earnings Per Share for the estimated
Rolling Four Quarters ending March 31, 2019:
|
March 31, 2019E |
GAAP Basic Earnings Per
Share |
$ |
1.70 |
Special Items Affecting
Net Income |
0.30 |
Adjusted Basic Earnings
Per Share
|
$ |
2.00 |
Reconciliation of GAAP Diluted Earnings
Per Share to Adjusted Diluted Earnings Per Share for the estimated
Rolling Four Quarters ending March 31, 2019:
|
March 31, 2019E |
GAAP Diluted Earnings
Per Share |
$ |
1.55 |
Special Items Affecting
Net Income |
0.27 |
Adjusted Diluted
Earnings Per Share
|
$ |
1.82 |
|
Supplemental Information:
Funeral homes and cemeteries purchased after
December 31, 2013 are referred to as “Acquired” in our
Trend Report. This classification of acquisitions has been
important to management and investors in monitoring the results of
these businesses and to gauge the leveraging performance
contribution that a selective acquisition program can have on total
company performance.
The presentation below highlights the impact of
our 2013 Acquired Portfolio that moved from Acquired to Same Store
beginning January 1, 2018 (in thousands):
|
Three Months Ended March 31, 2017 |
|
Year Ended December 31, 2017 |
|
|
|
|
|
|
|
|
|
Revenue |
|
EBITDA |
|
Revenue |
|
EBITDA |
2013 Acquired
Portfolio
|
$ |
1,144 |
|
|
$ |
519 |
|
|
$ |
4,185 |
|
|
$ |
1,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAUTIONARY STATEMENT ON FORWARD-LOOKING
STATEMENTS
Certain statements made herein or elsewhere by,
or on behalf of, the Company that are not historical facts are
intended to be forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. In
addition to historical information, this Press Release contains
certain statements and information that may constitute
forward-looking statements within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements
include, but are not limited to, statements regarding any
projections of earnings, revenues, asset sales, cash flow, debt
levels or other financial items; any statements of the plans,
strategies and objectives of management for future operations; any
statements regarding future economic conditions or performance; any
statements of belief; and any statements of assumptions underlying
any of the foregoing and are based on our current expectations and
beliefs concerning future developments and their potential effect
on us. The words “may”, “will”, “estimate”, “intend”, “believe”,
“expect”, “seek”, “project”, “forecast”, “foresee”, “should”,
“would”, “could”, “plan”, “anticipate” and other similar words or
expressions are intended to identify forward-looking statements,
which are generally not historical in nature. While management
believes that these forward-looking statements are reasonable as
and when made, there can be no assurance that future developments
affecting us will be those that we anticipate. All comments
concerning our expectations for future revenues and operating
results are based on our forecasts for our existing operations and
do not include the potential impact of any future acquisitions. Our
forward-looking statements involve significant risks and
uncertainties (some of which are beyond our control) and
assumptions that could cause actual results to differ materially
from our historical experience and our present expectations or
projections. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include, but are not limited to, those summarized below:
- our ability to find and retain skilled personnel;
- our ability to execute our growth strategy;
- the effects of competition;
- the execution of our Standards Operating, 4E Leadership and
Strategic Acquisition Models;
- changes in the number of deaths in our markets;
- changes in consumer preferences;
- our ability to generate preneed sales;
- the investment performance of our funeral and cemetery trust
funds;
- fluctuations in interest rates;
- our ability to obtain debt or equity financing on satisfactory
terms to fund additional acquisitions, expansion projects, working
capital requirements and the repayment or refinancing of
indebtedness;
- the timely and full payment of death benefits related to
preneed funeral contracts funded through life insurance
contracts;
- the financial condition of third-party insurance companies that
fund our preneed funeral contracts;
- increased or unanticipated costs, such as insurance or
taxes;
- recent changes in federal income tax laws and regulations and
the implementation and interpretation of these laws and regulations
by the Internal Revenue Service;
- effects of the application of other applicable laws and
regulations, including changes in such regulations or the
interpretation thereof;
- consolidation of the deathcare industry; and
- other factors and uncertainties inherent in the deathcare
industry.
For additional information regarding known
material factors that could cause our actual results to differ from
our projected results, please see “Risk Factors” in our most recent
Annual Report on Form 10-K. Readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as
of the date hereof. We undertake no obligation to publicly update
or revise any forward-looking statements after the date they are
made, whether as a result of new information, future events or
otherwise. A copy of the Company’s Form 10-K, other Carriage
Services information and news releases are available at
www.carriageservices.com.
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