Carriage Services Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Carriage Services Inc. has submitted its 2023 annual report (10-K) detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

CARRIAGE SERVICES INC (CSV) filed a Annual Report (10-K) with the SEC on March 1, 2024. Carriage Services Inc. filed its 2023 Form 10-K on March 1, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in Houston, Texas. Key financial data points such as PropertyPlantAndEquipmentNet and LeaseLiabilitiesAndDebtCurrent are referenced. The filing includes references to various financial statement line items and equity components for fiscal years 2020-2023.

Why It Matters

For investors and stakeholders tracking CARRIAGE SERVICES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Carriage Services Inc.'s financial health and operational results for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial information, including revenue breakdowns and balance sheet items, allows stakeholders to understand the company's financial position, profitability, and any changes from previous periods.

Risk Assessment

Risk Level: medium — CARRIAGE SERVICES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies, but the specific financial details and risk factors within the report will determine the actual risk level for investors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Carriage Services Inc.'s performance and potential challenges in fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-01 — Filing Date (Date of submission)
• 7200 — SIC Code (Standard Industrial Classification)
• 001-11961 — SEC File Number (SEC registration number)

Key Players & Entities

• CARRIAGE SERVICES INC (company) — Filer name
• CSV (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-01 (date) — Filing date
• 713-332-8400 (phone_number) — Business phone
• DE (state) — State of incorporation
• HOUSTON (city) — Business address city
• 77056 (zip_code) — Business address zip

FAQ

Industry Context

Carriage Services Inc. operates in the personal services industry, specifically funeral homes and cemeteries.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, expenses, assets, and liabilities.
2. Review any disclosed risk factors to understand potential challenges and their impact on the company.
3. Compare the 2023 financial performance to previous years to identify trends and assess growth or decline.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted; a comparison to a prior filing would require additional data.

Key Financial Figures

• $32.47 — 4 million based on the closing price of $32.47 per share on the New York Stock Exchang
• $6.0 million — reement On May 16, 2023, we received a $6.0 million incentive payment from a national insur
• $44.0 million — usiness in the Bakersfield, CA area for $44.0 million. Divestitures During the year ended D
• $1.1 million — and two cemeteries for an aggregate of $1.1 million and merged one funeral home with anothe

Filing Documents

• csv-20231231.htm (10-K) — 3321KB
• csv-ex211x20231231x10k.htm (EX-21.1) — 31KB
• csv-ex231x20231231x10k.htm (EX-23.1) — 2KB
• csv-ex311x20231231x10k.htm (EX-31.1) — 11KB
• csv-ex312x20231231x10k.htm (EX-31.2) — 11KB
• csv-ex32x20231231x10k.htm (EX-32) — 9KB
• carriageservices-compensat.htm (EX-97.1) — 39KB
• csv-20231231_g1.jpg (GRAPHIC) — 21KB
• 0001016281-24-000041.txt (&nbsp;) — 20715KB
• csv-20231231.xsd (EX-101.SCH) — 139KB
• csv-20231231_cal.xml (EX-101.CAL) — 171KB
• csv-20231231_def.xml (EX-101.DEF) — 907KB
• csv-20231231_lab.xml (EX-101.LAB) — 1362KB
• csv-20231231_pre.xml (EX-101.PRE) — 1149KB
• csv-20231231_htm.xml (XML) — 4099KB

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 19

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 20

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22

[Reserved]

Item 6. [Reserved] 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 39

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 40

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90

Controls and Procedures

Item 9A. Controls and Procedures 90

Other Information

Item 9B. Other Information 92

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 92 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 92

Executive Compensation

Item 11. Executive Compensation 92

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 93

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 93 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 93

Form 10-K Summary

Item 16. Form 10-K Summary 96

Signatures

Signatures 97 CAUTIONARY NOTE Certain statements and information in this Annual Report on Form 10-K (this "Form 10-K") may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical information, should be deemed to be forward-looking statements. Words such as "may", "will", "estimate", "intend", "believe", "expect", "seek", "project", "forecast", "foresee", "should", "would", "could", "plan", "anticipate" and other similar words or expressions may be used to identify forward-looking statements; however, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements include, but are not limited to, statements regarding any projections of earnings, revenue, cash flow, investment returns, capital allocation, debt levels, equity performance, death rates, market share growth, cost inflation, overhead, including talent recruitment, field and corporate incentive compensation, preneed sales or other financial items; any statements of the plans, strategies, objectives and timing of management for future operations or financing activities, including, but not limited to, technology innovations, product development, capital allocation, the ability to obtain credit or financing, organizational performance, anticipated integration, performance and other benefits of recently completed acquisitions, and cost management and debt reductions; any statements of the plans, timing and objectives of management for acquisition and divestiture activities; any projections or expectations related to the conclusion of the Board's strategic review; any statements regarding future economic and market 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

BUSINESS

ITEM 1. BUSINESS. GENERAL Carriage Services, Inc. ("Carriage," the "Company," "we," "us," or "our") was incorporated in the State of Delaware in December 1993 and is a leading provider of funeral and cemetery services and merchandise in the United States. We operate in two business segments: Funeral Home Operations, which currently accounts for approximately 70% of our total revenue, and Cemetery Operations, which currently accounts for approximately 30% of our total revenue. At December 31, 2023, we operated 171 funeral homes in 26 states and 32 cemeteries in 11 states. We compete with other publicly held and independent operators of funeral and cemetery companies. We believe we are a market leader in most of our markets. We provide funeral and cemetery services and products on both an "atneed" (time of death) and "preneed" (planned prior to death) basis. COMPANY DEVELOPMENTS Executive Leadership Changes On January 2, 2023, the Company's Board of Directors (the "Board") appointed Adeola Olaniyan, the Company's Corporate Controller (Principal Accounting Officer), as the Company's interim Principal Financial Officer, effective on that date, to serve until a permanent replacement was identified. On March 13, 2023, the Board appointed L. Kian Granmayeh to serve as the Company's Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer), effective on that date. On June 21, 2023, the Board appointed Carlos R. Quezada, to serve as Chief Executive Officer ("CEO"), effective on that date, as part of a planned succession of Melvin C. Payne, founder and former CEO. Concurrently with the appointment of Mr. Quezada as CEO, Mr. Payne stepped down as CEO and the Board approved his appointment as Executive Chairman of the Board, effective on that date. On February 24, 2024, Mr. Payne ceased serving as Executive Chairman of the Board and began serving as a special advisor to the Board and senior management of the Company in a consulting r

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View this 10-K filing on SEC EDGAR