Carriage Services Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Carriage Services Inc. filed its Q1 2024 10-Q report, detailing financial performance and operational data.</b>

AI Summary

CARRIAGE SERVICES INC (CSV) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Carriage Services Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Carriage Services Inc. is incorporated in Delaware. The company's principal business address is in Houston, Texas.

Why It Matters

For investors and stakeholders tracking CARRIAGE SERVICES INC, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational updates for Carriage Services Inc. Understanding the Q1 2024 performance is crucial for assessing the company's trajectory and making informed investment decisions.

Risk Assessment

Risk Level: low — CARRIAGE SERVICES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and cost structures for Q1 2024.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-03 — Filing Date (Filed as of date)
• 7200 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• CARRIAGE SERVICES INC (company) — Filer name
• CSV (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filing date
• 713-332-8400 (phone) — Business phone number
• DE (state) — State of incorporation
• 77056 (zip) — Business ZIP code

FAQ

Industry Context

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

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Funeral Homes, Cemeteries) for Q1 2024.
2. Examine changes in assets and liabilities from the previous fiscal year-end.
3. Review any disclosures related to debt or equity financing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Filing Documents

• csv-20240331.htm (10-Q) — 2013KB
• paulelliottagreementfirs.htm (EX-10.3) — 4KB
• carlosquezadaagreementfo.htm (EX-10.4) — 6KB
• stevemetzgeragreementfou.htm (EX-10.5) — 6KB
• kiangranmayehagreementfi.htm (EX-10.6) — 6KB
• shawnphillipsagreementse.htm (EX-10.7) — 7KB
• ex311-csvx20240331q1.htm (EX-31.1) — 10KB
• ex312-csvx20240331q1.htm (EX-31.2) — 10KB
• ex32-csvx20240331q1.htm (EX-32) — 7KB
• carlosquezadaagreementfo001.jpg (GRAPHIC) — 210KB
• carlosquezadaagreementfo002.jpg (GRAPHIC) — 162KB
• kiangranmayehagreementfi001.jpg (GRAPHIC) — 207KB
• kiangranmayehagreementfi002.jpg (GRAPHIC) — 146KB
• paulelliottagreementfirs001.jpg (GRAPHIC) — 191KB
• paulelliottagreementfirs002.jpg (GRAPHIC) — 92KB
• shawnphillipsagreementse001.jpg (GRAPHIC) — 179KB
• shawnphillipsagreementse002.jpg (GRAPHIC) — 221KB
• shawnphillipsagreementse003.jpg (GRAPHIC) — 51KB
• stevemetzgeragreementfou001.jpg (GRAPHIC) — 210KB
• stevemetzgeragreementfou002.jpg (GRAPHIC) — 165KB
• 0001016281-24-000091.txt (&nbsp;) — 16114KB
• csv-20240331.xsd (EX-101.SCH) — 99KB
• csv-20240331_cal.xml (EX-101.CAL) — 120KB
• csv-20240331_def.xml (EX-101.DEF) — 623KB
• csv-20240331_lab.xml (EX-101.LAB) — 834KB
• csv-20240331_pre.xml (EX-101.PRE) — 829KB
• csv-20240331_htm.xml (XML) — 2704KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Unaudited Consolidated Balance Sheet as of December 31, 2023 and March 31, 2024 3 Unaudited Consolidated Statements of Operations for the Three Months ended March 31, 2023 and 2024 4 Unaudited Consolidated Statements of Cash Flows for the Three Months ended March 31, 2023 and 2024 5 Unaudited Consolidated Statements of Changes in Stockholders' Equity for the Three Months ended March 31, 2023 and 2024 6 Condensed Notes to Consolidated Financial Statements 7 Cautionary Statement on Forward–Looking Statements 31

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 45

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds 46

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Defaults Upon Senior Securities 46

Item 3. Defaults Upon Senior Securities 46

Mine Safety Disclosures 46

Item 4. Mine Safety Disclosures 46

Other Information 46

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 46 SIGNATURE 47 INDEX OF EXHIBITS 48 - 2 -

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CARRIAGE SERVICES, INC. CONSOLIDATED BALANCE SHEET (unaudited and in thousands, except share data) December 31, 2023 March 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,523 $ 1,689 Accounts receivable, net 27,060 26,549 Inventories 8,347 8,252 Prepaid and other current assets 4,791 3,905 Total current assets 41,721 40,395 Preneed cemetery trust investments 96,374 98,757 Preneed funeral trust investments 107,842 109,833 Preneed cemetery receivables, net 35,575 36,854 Receivables from preneed funeral trusts, net 21,530 21,632 Property, plant and equipment, net 287,484 281,965 Cemetery property, net 114,580 114,002 Goodwill 423,643 414,895 Intangible and other non-current assets, net 37,677 37,872 Operating lease right-of-use assets 16,295 16,512 Cemetery perpetual care trust investments 85,331 87,802 Total assets $ 1,268,052 $ 1,260,519 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of debt and lease obligations $ 3,842 $ 3,953 Accounts payable 11,866 12,727 Accrued and other liabilities 35,362 39,380 Total current liabilities 51,070 56,060 Acquisition debt, net of current portion 5,461 5,380 Credit facility 177,794 152,932 Senior notes 395,905 396,075 Obligations under finance leases, net of current portion 5,831 5,434 Obligations under operating leases, net of current portion 15,797 15,802 Deferred preneed cemetery revenue 61,048 61,219 Deferred preneed funeral revenue 39,537 39,745 Deferred tax liability 52,127 49,785 Other long-term liabilities 1,855 1,942 Deferred preneed cemetery receipts held in trust 96,374 98,757 Deferred preneed funeral receipts held in trust 107,842 109,833 Care trusts' corpus 84,351 88,000 Total liabilities 1,094,992 1,080,964 Commitments and contingencies: Stockholders' equity: Common stock, $ 0.01 par value; 80,000,000 shares authorized and 26,627,319 and 26,793,343 shares issued, respectively and 14,999,501 and 15,165

View Full Filing

View this 10-Q filing on SEC EDGAR