Carriage Services Q3 Revenue Up, Net Income Rises

TL;DR

Carriage Services Q3 revenue up to $474.7M, net income $102.1M. Solid growth.

AI Summary

Carriage Services Inc. reported its third-quarter results for the period ending September 30, 2024. The company's revenue for the nine months ended September 30, 2024, was $474.7 million, an increase from $456.3 million in the same period of 2023. Net income for the nine months was $102.1 million, up from $90.1 million in the prior year.

Why It Matters

The increase in revenue and net income suggests improved operational performance and profitability for Carriage Services, potentially impacting investor confidence and stock valuation.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $474.7M — Nine-Month Revenue (2024) (Represents an increase from the prior year's nine-month revenue.)
• $102.1M — Nine-Month Net Income (2024) (Shows improved profitability compared to the prior year's nine-month net income.)
• $456.3M — Nine-Month Revenue (2023) (Baseline for comparison of current year's revenue growth.)
• $90.1M — Nine-Month Net Income (2023) (Baseline for comparison of current year's net income growth.)

Key Players & Entities

• Carriage Services Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• $474.7 million (dollar_amount) — Revenue for the nine months ended September 30, 2024
• $456.3 million (dollar_amount) — Revenue for the nine months ended September 30, 2023
• $102.1 million (dollar_amount) — Net income for the nine months ended September 30, 2024
• $90.1 million (dollar_amount) — Net income for the nine months ended September 30, 2023

FAQ

Filing Documents

• csv-20240930.htm (10-Q) — 2522KB
• ex311-csvx20240930q3.htm (EX-31.1) — 10KB
• ex312-csvx20240930q3.htm (EX-31.2) — 10KB
• ex32-csvx20240930q3.htm (EX-32) — 7KB
• 0001016281-24-000170.txt ( ) — 15595KB
• csv-20240930.xsd (EX-101.SCH) — 107KB
• csv-20240930_cal.xml (EX-101.CAL) — 121KB
• csv-20240930_def.xml (EX-101.DEF) — 676KB
• csv-20240930_lab.xml (EX-101.LAB) — 966KB
• csv-20240930_pre.xml (EX-101.PRE) — 930KB
• csv-20240930_htm.xml (XML) — 3190KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Unaudited Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023 3 Unaudited Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2024 and 2023 5 Unaudited Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months ended September 30, 2024 and 2023 6 Condensed Notes to Consolidated Financial Statements 8 Cautionary Statement on Forward–Looking Statements 36

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 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 52

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 53

Risk Factors

Item 1A. Risk Factors 53

Unregistered Sales of Equity Securities and Use of Proceeds 53

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Defaults Upon Senior Securities 53

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures 53

Item 4. Mine Safety Disclosures 53

Other Information 53

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 53 SIGNATURE 55 INDEX OF EXHIBITS 56 - 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,260 $ 1,523 Accounts receivable, net 30,913 27,060 Inventories 8,230 8,347 Prepaid and other current assets 3,198 4,791 Total current assets 43,601 41,721 Preneed cemetery trust investments 102,391 96,374 Preneed funeral trust investments 108,956 107,842 Preneed cemetery receivables, net 50,049 35,575 Receivables from preneed funeral trusts, net 22,315 21,530 Property, plant and equipment, net 279,534 287,484 Cemetery property, net 113,091 114,580 Goodwill 414,859 423,643 Intangible and other non-current assets, net 39,175 37,677 Operating lease right-of-use assets 15,522 16,295 Cemetery perpetual care trust investments 85,925 85,331 Total assets $ 1,275,418 $ 1,268,052 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of debt and lease obligations $ 4,015 $ 3,842 Accounts payable 15,054 11,866 Accrued and other liabilities 41,101 35,362 Total current liabilities 60,170 51,070 Acquisition debt, net of current portion 5,350 5,461 Credit facility 138,293 177,794 Senior notes 396,421 395,905 Obligations under finance leases, net of current portion 6,107 5,831 Obligations under operating leases, net of current portion 14,660 15,797 Deferred preneed cemetery revenue 65,467 61,048 Deferred preneed funeral revenue 40,776 39,537 Deferred tax liability 50,289 52,127 Other long-term liabilities 1,391 1,855 Deferred preneed cemetery receipts held in trust 102,391 96,374 Deferred preneed funeral receipts held in trust 108,956 107,842 Care trusts' corpus 87,018 84,351 Total liabilities 1,077,289 1,094,992 Commitments and contingencies: Stockholders' equity: Common stock, $ 0.01 par value; 80,000,000 shares authorized and 26,850,922 and 26,627,319 shares issued, respectively and 15,223,104 and

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View this 10-Q filing on SEC EDGAR