Quarterly Report (10-q)
August 13 2021 - 11:08AM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the quarterly period ended June 30, 2021
or
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the transition period from
to .
Commission File Number: 001-39172
STONEMOR INC.
(Exact name of registrant as specified in its charter)
|
Delaware
|
|
80-0103152
|
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
3331 Street Road, Suite 200
Bensalem, Pennsylvania
|
|
19020
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(Registrant’s telephone number, including area code): (215) 826-2800
__________________________________
Securities registered pursuant to Section 12(b) of the
Act:
|
|
|
|
|
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
|
Common Stock, $0.01 par value per share
|
|
STON
|
|
New York Stock Exchange
|
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past
90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period
that the registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company," and "emerging growth company" in Rule
12b-2 of the Exchange Act.
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☒
|
|
Smaller reporting company
|
☒
|
|
|
|
|
Emerging growth company
|
☐
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the
Act). Yes ☐ No ☒
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
Yes ☐ No ☐
The number of shares of the registrant’s common stock outstanding
at August 10, 2021 was 118,011,766.
FORM 10-Q OF STONEMOR
INC.
TABLE OF CONTENTS
2
Table of Contents
PART 1 – FINANCIAL INFORMATION
|
ITEM 1.
|
FINANCIAL
STATEMENTS
|
STONEMOR INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share amounts)
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, excluding restricted cash
|
|
$
|
90,398
|
|
|
$
|
39,244
|
|
|
Restricted cash
|
|
|
16,575
|
|
|
|
20,846
|
|
|
Accounts receivable, net of allowance
|
|
|
58,661
|
|
|
|
57,869
|
|
|
Prepaid expenses
|
|
|
6,911
|
|
|
|
5,290
|
|
|
Assets held for sale
|
|
|
—
|
|
|
|
28,575
|
|
|
Other current assets
|
|
|
15,178
|
|
|
|
16,884
|
|
|
Total current assets
|
|
|
187,723
|
|
|
|
168,708
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term accounts receivable, net of allowance
|
|
|
76,599
|
|
|
|
75,301
|
|
|
Cemetery property
|
|
|
296,529
|
|
|
|
299,526
|
|
|
Property and equipment, net of accumulated depreciation
|
|
|
80,392
|
|
|
|
83,496
|
|
|
Merchandise trusts, restricted, at fair value
|
|
|
544,268
|
|
|
|
501,453
|
|
|
Perpetual care trusts, restricted, at fair value
|
|
|
326,958
|
|
|
|
312,228
|
|
|
Deferred selling and obtaining costs
|
|
|
120,229
|
|
|
|
116,900
|
|
|
Deferred tax assets
|
|
|
7
|
|
|
|
9
|
|
|
Intangible assets, net
|
|
|
54,559
|
|
|
|
55,094
|
|
|
Other assets
|
|
|
24,924
|
|
|
|
22,248
|
|
|
Total assets
|
|
$
|
1,712,188
|
|
|
$
|
1,634,963
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
45,943
|
|
|
$
|
51,718
|
|
|
Liabilities held for sale
|
|
|
—
|
|
|
|
23,406
|
|
|
Accrued interest
|
|
|
4,722
|
|
|
|
95
|
|
|
Current portion, long-term debt
|
|
|
1,859
|
|
|
|
317
|
|
|
Total current liabilities
|
|
|
52,524
|
|
|
|
75,536
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of deferred financing costs
|
|
|
389,559
|
|
|
|
320,715
|
|
|
Deferred revenues
|
|
|
1,013,653
|
|
|
|
949,164
|
|
|
Deferred tax liabilities
|
|
|
18,127
|
|
|
|
29,652
|
|
|
Perpetual care trust corpus
|
|
|
326,958
|
|
|
|
312,228
|
|
|
Other long-term liabilities
|
|
|
42,776
|
|
|
|
40,081
|
|
|
Total liabilities
|
|
|
1,843,597
|
|
|
|
1,727,376
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per share, 200,000,000 shares
authorized, 117,964,891
and 117,871,141 shares issued and outstanding,
respectively
|
|
|
1,180
|
|
|
|
1,178
|
|
|
Paid-in capital in excess of par value
|
|
|
(84,221
|
)
|
|
|
(85,232
|
)
|
|
Accumulated deficit
|
|
|
(48,368
|
)
|
|
|
(8,359
|
)
|
|
Total stockholders' equity
|
|
|
(131,409
|
)
|
|
|
(92,413
|
)
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,712,188
|
|
|
$
|
1,634,963
|
|
See Accompanying Notes to the Unaudited Condensed Consolidated
Financial Statements.
3
Table of Contents
STONEMOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemetery:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interments
|
|
$
|
22,906
|
|
|
$
|
16,467
|
|
|
$
|
43,425
|
|
|
$
|
31,226
|
|
|
Merchandise
|
|
|
17,787
|
|
|
|
14,591
|
|
|
|
34,069
|
|
|
|
28,969
|
|
|
Services
|
|
|
17,698
|
|
|
|
16,551
|
|
|
|
34,979
|
|
|
|
31,578
|
|
|
Investment and other
|
|
|
13,737
|
|
|
|
9,254
|
|
|
|
26,635
|
|
|
|
19,887
|
|
|
Funeral home:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise
|
|
|
5,449
|
|
|
|
4,825
|
|
|
|
11,422
|
|
|
|
10,211
|
|
|
Services
|
|
|
5,404
|
|
|
|
4,913
|
|
|
|
10,764
|
|
|
|
9,832
|
|
|
Total revenues
|
|
|
82,981
|
|
|
|
66,601
|
|
|
|
161,294
|
|
|
|
131,703
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
12,435
|
|
|
|
9,269
|
|
|
|
23,619
|
|
|
|
18,683
|
|
|
Cemetery expense
|
|
|
18,090
|
|
|
|
17,229
|
|
|
|
36,251
|
|
|
|
34,177
|
|
|
Selling expense
|
|
|
14,776
|
|
|
|
12,206
|
|
|
|
28,983
|
|
|
|
24,257
|
|
|
General and administrative expense
|
|
|
10,650
|
|
|
|
9,130
|
|
|
|
20,843
|
|
|
|
18,645
|
|
|
Corporate overhead
|
|
|
9,534
|
|
|
|
8,756
|
|
|
|
19,075
|
|
|
|
17,257
|
|
|
Depreciation and amortization
|
|
|
2,027
|
|
|
|
2,293
|
|
|
|
4,129
|
|
|
|
4,607
|
|
|
Funeral home expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise
|
|
|
1,478
|
|
|
|
1,364
|
|
|
|
3,139
|
|
|
|
2,700
|
|
|
Services
|
|
|
4,477
|
|
|
|
4,425
|
|
|
|
9,138
|
|
|
|
8,819
|
|
|
Other
|
|
|
3,239
|
|
|
|
2,490
|
|
|
|
6,258
|
|
|
|
5,250
|
|
|
Total costs and expenses
|
|
|
76,706
|
|
|
|
67,162
|
|
|
|
151,435
|
|
|
|
134,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of business and other impairments
|
|
|
(2,220
|
)
|
|
|
—
|
|
|
|
(2,220
|
)
|
|
|
—
|
|
|
Other gains
|
|
|
69
|
|
|
|
—
|
|
|
|
69
|
|
|
|
—
|
|
|
Operating income (loss)
|
|
|
4,124
|
|
|
|
(561
|
)
|
|
|
7,708
|
|
|
|
(2,692
|
)
|
|
Interest expense
|
|
|
(9,977
|
)
|
|
|
(11,729
|
)
|
|
|
(20,450
|
)
|
|
|
(23,082
|
)
|
|
Loss on debt extinguishment
|
|
|
(40,128
|
)
|
|
|
—
|
|
|
|
(40,128
|
)
|
|
|
—
|
|
|
Loss from continuing operations before income taxes
|
|
|
(45,981
|
)
|
|
|
(12,290
|
)
|
|
|
(52,870
|
)
|
|
|
(25,774
|
)
|
|
Income tax benefit
|
|
|
9,736
|
|
|
|
3,492
|
|
|
|
11,412
|
|
|
|
2,204
|
|
|
Net loss from continuing operations
|
|
|
(36,245
|
)
|
|
|
(8,798
|
)
|
|
|
(41,458
|
)
|
|
|
(23,570
|
)
|
|
Discontinued operations (Note 2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations of discontinued businesses
|
|
|
860
|
|
|
|
4,884
|
|
|
|
1,449
|
|
|
|
28,659
|
|
|
Income tax expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net income from discontinued operations
|
|
|
860
|
|
|
|
4,884
|
|
|
|
1,449
|
|
|
|
28,659
|
|
|
Net (loss) income
|
|
$
|
(35,385
|
)
|
|
$
|
(3,914
|
)
|
|
$
|
(40,009
|
)
|
|
$
|
5,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations per common share (basic)
|
|
$
|
(0.31
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.35
|
)
|
|
$
|
(0.25
|
)
|
|
Net income from discontinued operations per common share
(basic)
|
|
|
0.01
|
|
|
|
0.05
|
|
|
|
0.01
|
|
|
|
0.30
|
|
|
Net (loss) income per common share (basic)
|
|
$
|
(0.30
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.34
|
)
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations per common share (diluted)
|
|
$
|
(0.31
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.35
|
)
|
|
$
|
(0.25
|
)
|
|
Net income from discontinued operations per common share
(diluted)
|
|
|
0.01
|
|
|
|
0.05
|
|
|
|
0.01
|
|
|
|
0.30
|
|
|
Net (loss) income per common share (diluted)
|
|
$
|
(0.30
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.34
|
)
|
|
$
|
0.05
|
|
|
Weighted average number of common shares outstanding - basic
|
|
|
117,956
|
|
|
|
97,572
|
|
|
|
117,933
|
|
|
|
96,022
|
|
|
Weighted average number of common shares outstanding - diluted
|
|
|
117,956
|
|
|
|
97,572
|
|
|
|
117,933
|
|
|
|
96,022
|
|
See Accompanying Notes to the Unaudited Condensed Consolidated
Financial Statements.
4
Table of Contents
STONEMOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY (UNAUDITED)
(in thousands, except shares)
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Common Shares
|
|
|
Par Value of Common Shares
|
|
|
Paid-in Capital in Excess of Par Value
|
|
|
Accumulated Deficit
|
|
|
Total
|
|
|
Three Months Ended March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020
|
|
|
117,871,141
|
|
|
$
|
1,178
|
|
|
$
|
(85,232
|
)
|
|
$
|
(8,359
|
)
|
|
$
|
(92,413
|
)
|
|
Common stock awards under incentive plans
|
|
|
46,875
|
|
|
|
1
|
|
|
|
504
|
|
|
|
—
|
|
|
|
505
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,624
|
)
|
|
|
(4,624
|
)
|
|
March 31, 2021
|
|
|
117,918,016
|
|
|
$
|
1,179
|
|
|
$
|
(84,728
|
)
|
|
$
|
(12,983
|
)
|
|
$
|
(96,532
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021
|
|
|
117,918,016
|
|
|
$
|
1,179
|
|
|
$
|
(84,728
|
)
|
|
$
|
(12,983
|
)
|
|
$
|
(96,532
|
)
|
|
Common stock awards under incentive plans
|
|
|
46,875
|
|
|
|
1
|
|
|
|
507
|
|
|
|
—
|
|
|
|
508
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(35,385
|
)
|
|
|
(35,385
|
)
|
|
June 30, 2021
|
|
|
117,964,891
|
|
|
$
|
1,180
|
|
|
$
|
(84,221
|
)
|
|
$
|
(48,368
|
)
|
|
$
|
(131,409
|
)
|
|
|
|
Series A Preferred Stock
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Series A Preferred Shares
|
|
|
Par Value of Series A Preferred Shares
|
|
|
Number of Common Shares
|
|
|
Par Value of Common Shares
|
|
|
Paid-in Capital in Excess of Par Value
|
|
|
Retained Earnings
|
|
|
Total
|
|
|
Three Months Ended March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019
|
|
|
—
|
|
|
$
|
—
|
|
|
|
94,447,356
|
|
|
$
|
944
|
|
|
$
|
(103,434
|
)
|
|
$
|
—
|
|
|
$
|
(102,490
|
)
|
|
Common stock awards under incentive
plans
|
|
|
—
|
|
|
|
—
|
|
|
|
29,746
|
|
|
|
—
|
|
|
|
375
|
|
|
|
—
|
|
|
|
375
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9,003
|
|
|
|
9,003
|
|
|
March 31, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
94,477,102
|
|
|
$
|
944
|
|
|
$
|
(103,059
|
)
|
|
$
|
9,003
|
|
|
$
|
(93,112
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
94,477,102
|
|
|
$
|
944
|
|
|
$
|
(103,059
|
)
|
|
$
|
9,003
|
|
|
$
|
(93,112
|
)
|
|
Issuance of Series A Preferred Stock
|
|
|
176
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,800
|
|
|
|
—
|
|
|
|
8,800
|
|
|
Exchange of Series A Preferred Stock for
Common Stock
|
|
|
(176
|
)
|
|
|
—
|
|
|
|
12,054,795
|
|
|
|
121
|
|
|
|
(121
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Issuance of Common Stock
|
|
|
—
|
|
|
|
—
|
|
|
|
11,232,877
|
|
|
|
112
|
|
|
|
8,088
|
|
|
|
—
|
|
|
|
8,200
|
|
|
Common stock awards under incentive
plans
|
|
|
—
|
|
|
|
—
|
|
|
|
29,746
|
|
|
|
—
|
|
|
|
317
|
|
|
|
—
|
|
|
|
317
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,914
|
)
|
|
|
(3,914
|
)
|
|
June 30, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
117,794,520
|
|
|
$
|
1,177
|
|
|
$
|
(85,975
|
)
|
|
$
|
5,089
|
|
|
$
|
(79,709
|
)
|
See Accompanying Notes to the Unaudited Condensed Consolidated
Financial Statements.
5
Table of Contents
STONEMOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
|
|
|
Six Months Ended June 30,
|
|
|
|
2021
|
|
|
2020
|
|
|
|
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(40,009
|
)
|
|
$
|
5,089
|
|
|
|
Adjustments to reconcile net (loss) income to net cash (used in)
provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Cost of lots sold
|
|
|
3,651
|
|
|
|
2,843
|
|
|
|
Depreciation and amortization
|
|
|
4,169
|
|
|
|
4,793
|
|
|
|
Provision for bad debt
|
|
|
3,519
|
|
|
|
3,807
|
|
|
|
Non-cash compensation expense
|
|
|
1,013
|
|
|
|
727
|
|
|
|
Loss on debt extinguishment
|
|
|
40,128
|
|
|
|
—
|
|
|
|
Non-cash interest expense
|
|
|
3,160
|
|
|
|
10,506
|
|
|
|
Loss (gain) on sale of businesses
|
|
|
1,353
|
|
|
|
(28,951
|
)
|
|
|
Other gains
|
|
|
(69
|
)
|
|
|
—
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Payment of paid-in-kind interest
|
|
|
(18,440
|
)
|
|
|
—
|
|
|
|
Accounts receivable, net of allowance
|
|
|
(11,522
|
)
|
|
|
(8,234
|
)
|
|
|
Merchandise trust fund
|
|
|
(17,378
|
)
|
|
|
(2,242
|
)
|
|
|
Other assets
|
|
|
(2,942
|
)
|
|
|
4,746
|
|
|
|
Deferred selling and obtaining costs
|
|
|
(4,229
|
)
|
|
|
(2,968
|
)
|
|
|
Deferred revenues
|
|
|
45,652
|
|
|
|
19,663
|
|
|
|
Deferred taxes, net
|
|
|
(11,523
|
)
|
|
|
(2,340
|
)
|
|
|
Payables and other liabilities
|
|
|
1,900
|
|
|
|
(6,238
|
)
|
|
|
Net cash (used in) provided by operating activities
|
|
|
(1,567
|
)
|
|
|
1,201
|
|
|
|
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
Cash paid for capital expenditures
|
|
|
(3,361
|
)
|
|
|
(3,791
|
)
|
|
|
Proceeds from divestitures
|
|
|
6,578
|
|
|
|
48,336
|
|
|
|
Net cash provided by investing activities
|
|
|
3,217
|
|
|
|
44,545
|
|
|
|
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 borrowings
|
|
|
404,433
|
|
|
|
2,639
|
|
|
|
Repayments of debt
|
|
|
(329,294
|
)
|
|
|
(53,572
|
)
|
|
|
Principal payment on finance leases
|
|
|
(796
|
)
|
|
|
(749
|
)
|
|
|
Early redemption premium
|
|
|
(18,478
|
)
|
|
|
—
|
|
|
|
Cost of financing activities
|
|
|
(10,632
|
)
|
|
|
(4,236
|
)
|
|
|
Shares repurchased related to share-based compensation
|
|