Carriage Services Q2 2024 Revenue Hits $330M

TL;DR

Carriage Services Q2 revenue $330M YTD. Funeral home & cemetery biz.

AI Summary

Carriage Services Inc. reported its Q2 2024 results, with total revenue for the six months ending June 30, 2024, reaching $330.0 million. The company's fiscal year ends on December 31st, and this 10-Q filing covers the period up to June 30, 2024.

Why It Matters

This filing provides investors with a financial snapshot of Carriage Services' performance in the first half of 2024, crucial for understanding revenue trends and operational health.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• $330.0M — Total Revenue (YTD) (Revenue for the first six months of 2024.)
• 20240630 — Reporting Period End Date (Indicates the end of the second quarter for 2024.)

Key Players & Entities

• Carriage Services Inc. (company) — Filer of the 10-Q report.
• 20240630 (date) — End date of the reporting period.
• $330.0 million (dollar_amount) — Total revenue for the six months ending June 30, 2024.

FAQ

Filing Documents

• csv-20240630.htm (10-Q) — 2523KB
• directorcompensationpoli.htm (EX-10.5) — 6KB
• ex311-csvx20240630q2.htm (EX-31.1) — 10KB
• ex312-csvx20240630q2.htm (EX-31.2) — 10KB
• ex32-csvx20240630q2.htm (EX-32) — 7KB
• directorcompensationpoli001.jpg (GRAPHIC) — 211KB
• directorcompensationpoli002.jpg (GRAPHIC) — 216KB
• 0001016281-24-000132.txt ( ) — 16248KB
• csv-20240630.xsd (EX-101.SCH) — 107KB
• csv-20240630_cal.xml (EX-101.CAL) — 120KB
• csv-20240630_def.xml (EX-101.DEF) — 694KB
• csv-20240630_lab.xml (EX-101.LAB) — 964KB
• csv-20240630_pre.xml (EX-101.PRE) — 940KB
• csv-20240630_htm.xml (XML) — 3187KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Unaudited Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023 3 Unaudited Consolidated Statements of Operations for the Three and Six Months ended June 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 and 2023 5 Unaudited Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months ended June 30, 2024 and 2023 6 Condensed Notes to Consolidated Financial Statements 8 Cautionary Statement on Forward–Looking Statements 35

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 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 51

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds 52

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities 52

Item 3. Defaults Upon Senior Securities 52

Mine Safety Disclosures 52

Item 4. Mine Safety Disclosures 52

Other Information 52

Item 5. Other Information 52

Exhibits

Item 6. Exhibits 52 SIGNATURE 53 INDEX OF EXHIBITS 54 - 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,503 $ 1,523 Accounts receivable, net 29,398 27,060 Inventories 8,257 8,347 Prepaid and other current assets 3,965 4,791 Total current assets 43,123 41,721 Preneed cemetery trust investments 100,285 96,374 Preneed funeral trust investments 109,701 107,842 Preneed cemetery receivables, net 45,569 35,575 Receivables from preneed funeral trusts, net 22,074 21,530 Property, plant and equipment, net 280,355 287,484 Cemetery property, net 113,327 114,580 Goodwill 414,895 423,643 Intangible and other non-current assets, net 39,099 37,677 Operating lease right-of-use assets 16,058 16,295 Cemetery perpetual care trust investments 84,780 85,331 Total assets $ 1,269,266 $ 1,268,052 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of debt and lease obligations $ 3,924 $ 3,842 Accounts payable 16,180 11,866 Accrued and other liabilities 30,655 35,362 Total current liabilities 50,759 51,070 Acquisition debt, net of current portion 5,388 5,461 Credit facility 153,970 177,794 Senior notes 396,247 395,905 Obligations under finance leases, net of current portion 5,304 5,831 Obligations under operating leases, net of current portion 15,263 15,797 Deferred preneed cemetery revenue 65,375 61,048 Deferred preneed funeral revenue 40,386 39,537 Deferred tax liability 50,650 52,127 Other long-term liabilities 1,857 1,855 Deferred preneed cemetery receipts held in trust 100,285 96,374 Deferred preneed funeral receipts held in trust 109,701 107,842 Care trusts' corpus 86,194 84,351 Total liabilities 1,081,379 1,094,992 Commitments and contingencies: Stockholders' equity: Common stock, $ 0.01 par value; 80,000,000 shares authorized and 26,864,187 and 26,627,319 shares issued, respectively and 15,236,369 and 14,99

View Full Filing

View this 10-Q filing on SEC EDGAR