StoneMor Inc. (NYSE: STON) (“StoneMor” or the
“Company”), a leading owner and operator of cemeteries and
funeral homes, today reported operating and financial results for
the third quarter and nine-month period ended September 30, 2020.
Investors are encouraged to read the Company's quarterly report on
Form 10-Q when it is filed with the Securities and Exchange
Commission (the “SEC”), which will contain additional details, and
will be posted at www.stonemor.com.
THIRD QUARTER
FINANCIAL PERFORMANCE
- Revenues for the third quarter were
$76.9 million compared to $73.2 million in the third quarter in the
prior year. Nine-month revenues were $218.8 million compared to
$223.1 million in the prior year period. When adjusted to
exclude revenues from properties divested since January 1, 2019,
revenues for the quarter and nine months ended September 30, 2020
were $76.8 million and $217.3 million, respectively, compared to
revenues of $69.2 million and $211.0 million, respectively, for the
prior year periods.
- Cemetery segment
operating income for the third quarter was $11.7 million compared
to $4.2 million in the third quarter in the prior year,
representing an increase of $7.5 million. Nine-month cemetery
segment operating profit was $24.3 million compared to $11.8
million in the prior year period, representing an increase of $12.6
million.
- Funeral home segment
operating income for the third quarter was $1.5 million compared to
$1.1 million in the third quarter in the prior year, representing
an increase of $0.4 million. Nine-month funeral home segment
operating profit was $4.9 million compared to $4.4 million in the
prior year period, representing an increase of $0.5 million.
- Corporate overhead
expense decreased to $9.8 million in the third quarter compared to
$11.6 million in the third quarter in the prior year.
- Third quarter net
loss was $7.9 million compared to $42.7 million in the third
quarter in the prior year. Third quarter net loss in the prior year
included a loss on impairment of goodwill of $24.9 million.
- Third quarter
operating income was $3.2 million, compared to an operating loss of
$6.6 million in the third quarter in the prior year which included
other losses of $0.1 million.
Joe Redling, StoneMor’s President and Chief Executive Officer
said, “The third quarter continued the trend of growth established
in the first half of 2020, particularly as it relates to our
cemetery sales production1 and expense management initiatives. We
delivered record levels of cemetery sales production during the
third quarter of 2020, including a 27% year-over-year increase. The
upward trajectory was largely driven by 32% growth in same-store
pre-need sales production and included increases in both contract
volume and average pricing. This sales production growth was
generated while reducing our expenses across the board and driving
increased Field EBITDA2 levels.”
LIQUIDITY UPDATE
As of September 30, 2020, the Company had $64.6 million of
cash, including $20.6 million of restricted cash, and $328.3
million of total debt.
“StoneMor produced a third quarter that generated adjusted
EBITDA of $5.5 million and operating cash flow of $2.6 million,
which includes a $6.6 million cash interest payment,” said Jeff
DiGiovanni, StoneMor’s Senior Vice President and Chief Financial
Officer. “In addition, through the management of its Trust assets,
between investment return and cash collections, net of
distributions, StoneMor has increased the value of its Trust assets
by $15.4 million, resulting in a further deleveraging of our
balance sheet. As we look forward, we continue to focus on
generating operating cash flow through effective management of our
operations and related treasury functions and our corporate cost
reduction initiatives.”
CONFERENCE CALL INFORMATION
StoneMor will conduct a conference call to discuss this news
release today, November 12, 2020 at 4:30 p.m. Eastern Time.
The conference call can be accessed by calling (800) 954-0623. No
reservation number is necessary; however, due to the on-going
pandemic, it is advised that interested parties access the call-in
number 5 to 10 minutes prior to the scheduled start time to avoid
delays. StoneMor will also host a live webcast of this conference
call. Investors may access the live webcast via the Investors page
of the StoneMor website www.stonemor.com under Events &
Presentations.
About StoneMor Inc.
StoneMor Inc., headquartered in Trevose, Pennsylvania, is an
owner and operator of cemeteries and funeral homes in the United
States, with 318 cemeteries and 86 funeral homes in 27 states and
Puerto Rico. StoneMor’s cemetery products and services, which are
sold on both a pre-need (before death) and at-need (at death)
basis, include: burial lots, lawn and mausoleum crypts, burial
vaults, caskets, memorials, and all services which provide for the
installation of this merchandise. For additional information about
StoneMor Inc. please visit StoneMor’s website, and the investors
section, at http://www.stonemor.com.
CONTACTInvestor RelationsStoneMor Inc.(215)
826-4438
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this press release, including,
but not limited to, information regarding continued implementation
of the Company’s performance and cost structure improvement efforts
and the anticipated financial impact thereof, are forward-looking
statements. Generally, the words “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “project,”
“expect,” “predict” and similar expressions identify these
forward-looking statements. These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Forward-looking statements are based on management’s current
expectations and estimates. These statements are neither promises
nor guarantees and are made subject to certain risks and
uncertainties that could cause actual results to differ materially
from the results stated or implied in this press release.
StoneMor’s major risks are related to uncertainties associated with
current business and economic disruptions resulting from the recent
coronavirus pandemic, including the effect of government
regulations issued in connection therewith, its ability to
identify, and negotiate acceptable agreements with, purchasers of
additional properties, uncertainties associated with the cash flow
from pre-need and at-need sales, trusts and
financings, which may impact StoneMor’s ability to meet its
financial projections and service its debt, as well as with
StoneMor’s ability to maintain an effective system of internal
control over financial reporting and disclosure controls and
procedures.
When considering forward-looking statements, you should keep in
mind the risk factors and other cautionary statements set forth in
StoneMor’s Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q and the other reports that StoneMor
files with the Securities and Exchange Commission, from time to
time. Except as required under applicable law, StoneMor assumes no
obligation to update or revise any forward-looking statements made
herein or any other forward-looking statements made by it, whether
as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures,
including comparable location revenues, adjusted operating income
and adjusted comparable location operating income, EBITDA, adjusted
EBITDA and field EBITDA, and unlevered cash provided by operating
activities, which are intended as supplemental measures of the
Company’s performance that are not required by or presented in
accordance with GAAP. All business results presented in this
release are not prepared in accordance with Article 11 of
Regulation S-X.
Management uses these non-GAAP measures internally to evaluate
and manage the Company’s operations and to better understand its
business because they facilitate a comparative assessment of the
Company's operating performance relative to its performance based
on results calculated under GAAP. These non-GAAP measures also
isolate the effects of some items that vary from period to period
without any correlation to core operating performance and eliminate
certain charges that management believes do not reflect the
Company's operations and underlying operational performance. The
compensation committee of the Company’s board of directors also
uses certain of these measures to evaluate management's performance
and set its compensation. The Company believes that these non-GAAP
measures also provide useful information to investors regarding
certain financial and business trends relating to the Company’s
financial condition and operating results facilitates an evaluation
of the financial performance of the Company and its operations on a
consistent basis. Providing this information therefore allows
investors to make independent assessments of the Company’s
financial performance, results of operation and trends while
viewing the information through the eyes of management.
These non-GAAP measures are subject to limitations. The non-GAAP
measures presented in this release may not be comparable to
similarly titled measures used by other companies because other
companies may not calculate one or more in the same manner.
Additionally, the non-GAAP performance measures exclude significant
expenses and income that are required by GAAP to be recorded in the
Company’s financial statements; do not reflect changes in, or cash
requirements for, working capital needs; and do not reflect
interest expense, or the requirements necessary to service interest
or principal payments on debt. Further, our historical adjusted
results are not intended to project our adjusted results of
operations or financial position for any future period. To
compensate for these limitations, management presents and considers
these non-GAAP measures in conjunction with the Company’s GAAP
results; no non-GAAP measure should be considered in isolation from
or as alternatives to net income, earnings per share or any other
measure determined in accordance with GAAP. Readers should review
the reconciliations included below, and should not rely on any
single financial measure to evaluate the Company’s business.
A reconciliation of each non-GAAP measure to the most directly
comparable GAAP measure is set forth below (in thousands):
COMPARABLE LOCATION
REVENUES
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Total revenues |
|
$ |
76,856 |
|
|
$ |
73,151 |
|
|
$ |
218,808 |
|
|
$ |
223,115 |
|
Less: Revenue associated with divested properties |
|
|
77 |
|
|
|
3,922 |
|
|
|
1,538 |
|
|
|
12,116 |
|
Comparable location revenues |
|
$ |
76,779 |
|
|
$ |
69,229 |
|
|
$ |
217,270 |
|
|
$ |
210,999 |
|
ADJUSTED OPERATING
INCOME (LOSS)
AND ADJUSTED COMPARABLE LOCATION OPERATING INCOME
(LOSS)
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Operating income (loss) |
|
$ |
3,211 |
|
|
$ |
(6,570 |
) |
|
$ |
30,475 |
|
|
$ |
(26,121 |
) |
Less: Gain on sale of businesses |
|
|
— |
|
|
|
— |
|
|
|
31,120 |
|
|
|
— |
|
Less: Other losses, net |
|
|
— |
|
|
|
(129 |
) |
|
|
(2,169 |
) |
|
|
(3,558 |
) |
Adjusted operating income
(loss) |
|
|
3,211 |
|
|
|
(6,441 |
) |
|
|
1,524 |
|
|
|
(22,563 |
) |
Less: Operating income (loss) associated with divested
properties |
|
|
60 |
|
|
|
1,331 |
|
|
|
(255 |
) |
|
|
3,418 |
|
Adjusted comparable location
operating income (loss) |
|
$ |
3,151 |
|
|
$ |
(7,772 |
) |
|
$ |
1,779 |
|
|
$ |
(25,981 |
) |
EBITDA,
ADJUSTED EBITDA AND FIELD
EBITDA
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net loss |
|
$ |
(7,857 |
) |
|
$ |
(42,652 |
) |
|
$ |
(2,768 |
) |
|
$ |
(99,584 |
) |
Income tax benefit (expense) |
|
|
(1,129 |
) |
|
|
(1,545 |
) |
|
|
(3,333 |
) |
|
|
4,841 |
|
Interest expense |
|
|
12,197 |
|
|
|
12,765 |
|
|
|
36,576 |
|
|
|
35,282 |
|
Depreciation and amortization |
|
|
2,285 |
|
|
|
2,647 |
|
|
|
7,078 |
|
|
|
8,120 |
|
EBITDA |
|
|
5,496 |
|
|
|
(28,785 |
) |
|
|
37,553 |
|
|
|
(51,341 |
) |
Less: Gain on sale of businesses |
|
|
— |
|
|
|
— |
|
|
|
31,120 |
|
|
|
— |
|
Less: Other losses, net |
|
|
— |
|
|
|
(129 |
) |
|
|
(2,169 |
) |
|
|
(3,558 |
) |
Less: Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,478 |
) |
Less: Loss on impairment of goodwill |
|
|
— |
|
|
|
(24,862 |
) |
|
|
— |
|
|
|
(24,862 |
) |
Adjusted EBITDA |
|
|
5,496 |
|
|
|
(3,794 |
) |
|
|
8,602 |
|
|
|
(14,443 |
) |
Less: Investment and other income |
|
|
9,905 |
|
|
|
10,063 |
|
|
|
30,830 |
|
|
|
29,474 |
|
Plus: Corporate overhead |
|
|
9,762 |
|
|
|
11,595 |
|
|
|
27,019 |
|
|
|
38,145 |
|
Field EBITDA |
|
$ |
5,353 |
|
|
$ |
(2,262 |
) |
|
$ |
4,791 |
|
|
$ |
(5,772 |
) |
UNLEVERED CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net cash provided by (used in) operating activities |
|
$ |
2,584 |
|
|
$ |
4,817 |
|
|
$ |
3,785 |
|
|
$ |
(26,755 |
) |
Cash interest payments |
|
|
6,686 |
|
|
|
7,463 |
|
|
|
20,361 |
|
|
|
24,444 |
|
Unlevered cash provided by (used
in) operating activities |
|
$ |
9,270 |
|
|
$ |
12,280 |
|
|
$ |
24,146 |
|
|
$ |
(2,311 |
) |
STONEMOR
INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)(in
thousands, except share and per share data)
|
|
September 30, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents, excluding restricted cash |
|
$ |
44,003 |
|
|
$ |
34,867 |
|
Restricted cash |
|
|
20,601 |
|
|
|
21,900 |
|
Accounts receivable, net of allowance |
|
|
57,995 |
|
|
|
55,794 |
|
Prepaid expenses |
|
|
4,808 |
|
|
|
4,778 |
|
Assets held for sale |
|
|
32,109 |
|
|
|
23,858 |
|
Other current assets |
|
|
14,756 |
|
|
|
17,142 |
|
Total current assets |
|
|
174,272 |
|
|
|
158,339 |
|
|
|
|
|
|
|
|
|
|
Long-term accounts receivable,
net of allowance |
|
|
75,104 |
|
|
|
75,549 |
|
Cemetery property |
|
|
302,918 |
|
|
|
320,605 |
|
Property and equipment, net of
accumulated depreciation |
|
|
90,234 |
|
|
|
103,400 |
|
Merchandise trusts, restricted,
at fair value |
|
|
484,520 |
|
|
|
517,192 |
|
Perpetual care trusts,
restricted, at fair value |
|
|
300,738 |
|
|
|
343,619 |
|
Deferred selling and obtaining
costs |
|
|
117,367 |
|
|
|
114,944 |
|
Deferred tax assets |
|
|
20 |
|
|
|
81 |
|
Intangible assets |
|
|
55,377 |
|
|
|
56,246 |
|
Other assets |
|
|
25,862 |
|
|
|
29,393 |
|
Total assets |
|
$ |
1,626,412 |
|
|
$ |
1,719,368 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Owners'
Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
52,524 |
|
|
$ |
55,134 |
|
Liabilities held for sale |
|
|
24,815 |
|
|
|
20,668 |
|
Accrued interest |
|
|
113 |
|
|
|
125 |
|
Current portion, long-term debt |
|
|
1,143 |
|
|
|
374 |
|
Total current liabilities |
|
|
78,595 |
|
|
|
76,301 |
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of deferred
financing costs |
|
|
327,173 |
|
|
|
367,963 |
|
Deferred revenues |
|
|
929,120 |
|
|
|
949,375 |
|
Deferred tax liabilities |
|
|
31,062 |
|
|
|
34,613 |
|
Perpetual care trust corpus |
|
|
300,738 |
|
|
|
343,619 |
|
Other long-term liabilities |
|
|
46,938 |
|
|
|
49,987 |
|
Total liabilities |
|
|
1,713,626 |
|
|
|
1,821,858 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners' equity: |
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per share, 200,000,000 shares
authorized, 117,824,266 and 94,447,356 shares issued and
outstanding, respectively |
|
|
1,178 |
|
|
|
944 |
|
Paid-in capital in excess of par value |
|
|
(85,624 |
) |
|
|
(103,434 |
) |
Retained deficit |
|
|
(2,768 |
) |
|
|
— |
|
Total owners' equity |
|
|
(87,214 |
) |
|
|
(102,490 |
) |
Total liabilities and owners'
equity |
|
$ |
1,626,412 |
|
|
$ |
1,719,368 |
|
STONEMOR INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)(in
thousands, except per share and per unit data)
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemetery: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interments |
|
$ |
21,409 |
|
|
$ |
15,605 |
|
|
$ |
54,755 |
|
|
$ |
52,544 |
|
Merchandise |
|
|
16,328 |
|
|
|
18,014 |
|
|
|
46,567 |
|
|
|
51,870 |
|
Services |
|
|
16,435 |
|
|
|
17,068 |
|
|
|
48,923 |
|
|
|
50,400 |
|
Investment and other |
|
|
9,905 |
|
|
|
10,063 |
|
|
|
30,830 |
|
|
|
29,474 |
|
Funeral home: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise |
|
|
6,590 |
|
|
|
5,572 |
|
|
|
18,767 |
|
|
|
17,920 |
|
Services |
|
|
6,189 |
|
|
|
6,829 |
|
|
|
18,966 |
|
|
|
20,907 |
|
Total revenues |
|
|
76,856 |
|
|
|
73,151 |
|
|
|
218,808 |
|
|
|
223,115 |
|
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
9,977 |
|
|
|
10,677 |
|
|
|
29,464 |
|
|
|
31,263 |
|
Cemetery expense |
|
|
16,703 |
|
|
|
18,362 |
|
|
|
52,458 |
|
|
|
57,245 |
|
Selling expense |
|
|
13,658 |
|
|
|
14,609 |
|
|
|
39,316 |
|
|
|
44,839 |
|
General and administrative expense |
|
|
10,491 |
|
|
|
11,033 |
|
|
|
30,602 |
|
|
|
33,430 |
|
Corporate overhead |
|
|
9,762 |
|
|
|
11,595 |
|
|
|
27,019 |
|
|
|
38,145 |
|
Depreciation and amortization |
|
|
2,285 |
|
|
|
2,647 |
|
|
|
7,078 |
|
|
|
8,120 |
|
Funeral home expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise |
|
|
1,755 |
|
|
|
1,896 |
|
|
|
5,069 |
|
|
|
5,227 |
|
Services |
|
|
5,653 |
|
|
|
5,351 |
|
|
|
16,347 |
|
|
|
16,363 |
|
Other |
|
|
3,361 |
|
|
|
3,422 |
|
|
|
9,931 |
|
|
|
11,046 |
|
Total costs and expenses |
|
|
73,645 |
|
|
|
79,592 |
|
|
|
217,284 |
|
|
|
245,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of businesses |
|
|
— |
|
|
|
— |
|
|
|
31,120 |
|
|
|
— |
|
Other losses |
|
|
— |
|
|
|
(129 |
) |
|
|
(2,169 |
) |
|
|
(3,558 |
) |
Operating income (loss) |
|
|
3,211 |
|
|
|
(6,570 |
) |
|
|
30,475 |
|
|
|
(26,121 |
) |
Interest expense |
|
|
(12,197 |
) |
|
|
(12,765 |
) |
|
|
(36,576 |
) |
|
|
(35,282 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,478 |
) |
Loss on impairment of
goodwill |
|
|
— |
|
|
|
(24,862 |
) |
|
|
— |
|
|
|
(24,862 |
) |
Loss from operations before
income taxes |
|
|
(8,986 |
) |
|
|
(44,197 |
) |
|
|
(6,101 |
) |
|
|
(94,743 |
) |
Income tax benefit (expense) |
|
|
1,129 |
|
|
|
1,545 |
|
|
|
3,333 |
|
|
|
(4,841 |
) |
Net loss |
|
$ |
(7,857 |
) |
|
$ |
(42,652 |
) |
|
$ |
(2,768 |
) |
|
$ |
(99,584 |
) |
Net loss per common share
(basic)(1) |
|
$ |
(0.07 |
) |
|
$ |
(1.10 |
) |
|
$ |
(0.03 |
) |
|
$ |
(2.59 |
) |
Net loss per common share
(diluted)(1) |
|
$ |
(0.07 |
) |
|
$ |
(1.10 |
) |
|
$ |
(0.03 |
) |
|
$ |
(2.59 |
) |
Weighted average number of common
shares outstanding - basic(2) |
|
|
117,819 |
|
|
|
38,916 |
|
|
|
103,341 |
|
|
|
38,438 |
|
Weighted average number of common
shares outstanding - diluted(2) |
|
|
117,819 |
|
|
|
38,916 |
|
|
|
103,341 |
|
|
|
38,438 |
|
(1) For the
three and nine months ended September 30, 2020, represents net loss
divided by weighted average number of common shares outstanding and
for the three and nine months ended September 30, 2019, represents
net loss divided by weighted average number of common limited
partner units
outstanding. (2) For
the three and nine months ended September 30, 2020, represents
weighted average number of common shares outstanding and for the
three and nine months ended September 30, 2019, represents weighted
average number of common limited partner units outstanding.
STONEMOR
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(in
thousands)
|
|
Nine Months Ended
September 30, |
|
|
2020 |
|
|
2019 |
|
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,768 |
) |
|
$ |
(99,584 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
|
Cost of lots sold |
|
|
4,346 |
|
|
|
5,339 |
|
|
Depreciation and amortization |
|
|
7,078 |
|
|
|
8,120 |
|
|
Provision for bad debt |
|
|
4,529 |
|
|
|
5,380 |
|
|
Non-cash compensation expense |
|
|
1,080 |
|
|
|
2,814 |
|
|
Loss on debt extinguishment |
|
|
— |
|
|
|
8,478 |
|
|
Loss on impairment of goodwill |
|
|
— |
|
|
|
24,862 |
|
|
Non-cash interest expense |
|
|
16,159 |
|
|
|
12,435 |
|
|
Gain on sale of businesses |
|
|
(31,120 |
) |
|
|
— |
|
|
Other losses, net |
|
|
2,169 |
|
|
|
3,558 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable, net of allowance |
|
|
(16,180 |
) |
|
|
(14,305 |
) |
|
Merchandise trust fund |
|
|
(12,284 |
) |
|
|
(11,137 |
) |
|
Other assets |
|
|
3,799 |
|
|
|
(1,339 |
) |
|
Deferred selling and obtaining costs |
|
|
(4,974 |
) |
|
|
(1,850 |
) |
|
Deferred revenues |
|
|
39,238 |
|
|
|
23,860 |
|
|
Deferred taxes, net |
|
|
(3,490 |
) |
|
|
4,620 |
|
|
Payables and other liabilities |
|
|
(3,797 |
) |
|
|
1,994 |
|
|
Net cash provided by (used in) operating activities |
|
|
3,785 |
|
|
|
(26,755 |
) |
|
Cash Flows From
Investing Activities: |
|
|
|
|
|
|
|
|
|
Cash paid for capital expenditures |
|
|
(4,784 |
) |
|
|
(5,743 |
) |
|
Proceeds from divestitures |
|
|
48,336 |
|
|
|
1,250 |
|
|
Net cash provided by (used in) investing activities |
|
|
43,552 |
|
|
|
(4,493 |
) |
|
Cash Flows From
Financing Activities: |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of Series A Preferred Stock |
|
|
8,800 |
|
|
|
— |
|
|
Proceeds from issuance of Common Stock |
|
|
8,200 |
|
|
|
— |
|
|
Proceeds from issuance of redeemable convertible preferred units,
net |
|
|
— |
|
|
|
57,500 |
|
|
Proceeds from borrowings |
|
|
3,672 |
|
|
|
406,087 |
|
|
Repayments of debt |
|
|
(54,782 |
) |
|
|
(366,644 |
) |
|
Principal payment on finance leases |
|
|
(1,061 |
) |
|
|
(1,098 |
) |
|
Cost of financing activities |
|
|
(4,294 |
) |
|
|
(17,972 |
) |
|
Shares repurchased related to share-based compensation |
|
|
(35 |
) |
|
|
(677 |
) |
|
Net cash (used in) provided by financing activities |
|
|
(39,500 |
) |
|
|
77,196 |
|
|
Net increase in cash,
cash equivalents and restricted cash |
|
|
7,837 |
|
|
|
45,948 |
|
|
Cash, cash equivalents
and restricted cash—Beginning of
period |
|
|
56,767 |
|
|
|
18,147 |
|
|
Cash, cash equivalents
and restricted cash—End of
period |
|
$ |
64,604 |
|
|
$ |
64,095 |
|
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
20,361 |
|
|
$ |
24,444 |
|
|
Cash paid during the period for income taxes |
|
|
1,077 |
|
|
|
1,470 |
|
|
Cash paid for amounts
included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
2,372 |
|
|
$ |
2,759 |
|
|
Operating cash flows from finance leases |
|
|
328 |
|
|
|
370 |
|
|
Financing cash flows from finance leases |
|
|
1,061 |
|
|
|
1,098 |
|
|
Non-cash investing and
financing activities: |
|
|
|
|
|
|
|
|
|
Acquisition of assets by financing |
|
$ |
— |
|
|
$ |
2,234 |
|
|
Net transfers within assets held for sale |
|
|
81,108 |
|
|
|
— |
|
|
Accrued paid-in-kind interest on Senior Secured Notes |
|
|
10,572 |
|
|
|
— |
|
|
1 Cemetery sales production represents dollar volume associated
with new contracts executed during the period.2 Field EBITDA
represents Adjusted Operating Income less Investment and Other
Income plus Corporate Overhead and Depreciation and
Amortization.
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