Service Corp Intl Files Q3 2024 10-Q

Ticker: SCI · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 89089

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

SCI's Q3 2024 10-Q is in. Check for financial details.

AI Summary

Service Corporation International filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of the year. Specific financial figures and operational details are contained within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Service Corporation International, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating any immediate or significant new risks.

Key Numbers

Key Players & Entities

FAQ

What were Service Corporation International's total revenues for the nine months ended September 30, 2024?

The filing does not explicitly state the total revenues for the nine months ended September 30, 2024, but provides data for product and service segments.

Did Service Corporation International report any significant subsequent events as of October 31, 2024?

Yes, the filing indicates 'us-gaap:SubsequentEventMember' as of October 31, 2024, suggesting there were events after the reporting period.

What is the fiscal year end for Service Corporation International?

The fiscal year end for Service Corporation International is December 31.

What is the SIC code for Service Corporation International?

The Standard Industrial Classification (SIC) code for Service Corporation International is 7200, which falls under SERVICES-PERSONAL SERVICES.

What period does the 10-Q filing cover?

This 10-Q filing covers the period ending September 30, 2024.

Filing Stats: 4,603 words · 18 min read · ~15 pages · Grade level 18 · Accepted 2024-10-31 16:11:19

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5 Item 1.

Financial Statements

Financial Statements 5 Unaudited Condensed Consolidated Statement of Operations - Three and Nine Months Ended September 30, 2024 & 2023 5 Unaudited Condensed Consolidated Statement of Comprehensive Income - Three and Nine Months Ended September 30, 2024 & 2023 6 Unaudited Condensed Consolidated Balance Sheet - September 30, 2024 & December 31, 2023 7 Unaudited Condensed Consolidated Statement of Cash Flows - Nine Months Ended September 30, 2024 & 2023 8 Unaudited Condensed Consolidated Statement of Equity - Three an d Nine Months Ended September 30, 2024 & 2023 9 Notes to Unaudited Condensed Consolidated Financial Statements 11 1. Nature of Operations 11 2. Summary of Significant Accounting Policies 11 3. Preneed Activities 14 4. Income Taxes 20 5. Debt 20 6. Credit Risk and Fair Value of Financial Instruments 22 7. Equity 23 8. Segment Reporting 24 9. Commitments and Contingencies 25 10. Earnings Per Share 26 11. Acquisitions and Divestiture-Related Activities 27 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 The Company 29 Financial Condition, Liquidity, and Capital Resources 29 Results of Operations - Three and Nine M onths Ended September 30, 2024 & 2023 36 Critical Accounting Policies 42 Cautionary Statement on Forward-Looking Statements 42 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44

. OTHER INFORMATION

PART II . OTHER INFORMATION 45 Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46 SIGNATURE 47 2 Service Corporation International Glossary The following terms are common to the deathcare industry, are used throughout this report, and have the following meanings: Atneed — Funeral, including cremation, and cemetery arrangements sold once death has occurred. Average Revenue per Service — Average revenue per funeral service performed, excluding the impact of non-funeral home preneed sales revenue, core general agency revenue, and certain other revenue. Cancellation — Termination of a preneed contract, which relieves us of the obligation to provide the goods and services included in the contract. Cancellations may be requested by the customer or be initiated by us for failure to comply with the contractual terms of payment. State or provincial laws govern the amount of refund, if any, owed to the customer. Care Trusts' Corpus — The deposits and net realized capital gains included in the perpetual care trusts that may not be withdrawable. In certain states, some or all of the net realized capital gains can also be distributed. Additionally, some states allow a total return distribution that may contain elements of income, capital appreciation, and principal. Cemetery Marker — An item used to identify the deceased person in a particular burial space, crypt, niche, or cremation memorialization property. Permanent burial and cremation memorialization cemetery markers are usually made of bronze or stone. Cemetery Merchandise and Services — Merchandise and services used in connection with a cemetery interment, including stone and bronze memorials, cemetery markers, outer burial containers, floral placement, graveside services, merchandise installations, urns, and interments. Cemetery Perpetual Care Trust or End

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Service Corporation International Condensed Consolidated Statement of Operations (Unaudited) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Revenue Property and merchandise revenue $ 504,565 $ 520,651 $ 1,549,461 $ 1,568,750 Service revenue 422,739 407,471 1,295,701 1,256,919 Other revenue 86,654 73,737 248,194 218,313 Total revenue 1,013,958 1,001,859 3,093,356 3,043,982 Costs of revenue Cost of property and merchandise ( 259,168 ) ( 263,251 ) ( 794,176 ) ( 795,152 ) Cost of service ( 232,989 ) ( 225,673 ) ( 706,646 ) ( 686,705 ) Overhead and other expenses ( 269,162 ) ( 259,252 ) ( 807,767 ) ( 757,880 ) Costs of revenue ( 761,319 ) ( 748,176 ) ( 2,308,589 ) ( 2,239,737 ) Gross profit 252,639 253,683 784,767 804,245 Corporate general and administrative expenses ( 43,732 ) ( 33,213 ) ( 124,055 ) ( 112,294 ) Gains on divestitures and impairment charges, net 3,515 2,542 4,755 10,187 Operating income 212,422 223,012 665,467 702,138 Interest expense ( 65,804 ) ( 61,512 ) ( 194,540 ) ( 174,904 ) Losses on early extinguishment of debt ( 25 ) — ( 25 ) ( 1,114 ) Other income, net 2,815 128 7,002 2,647 Income before income taxes 149,408 161,628 477,904 528,767 Provision for income taxes ( 31,547 ) ( 39,585 ) ( 110,549 ) ( 129,543 ) Net income 117,861 122,043 367,355 399,224 Net income attributable to noncontrolling interests ( 34 ) ( 72 ) ( 61 ) ( 302 ) Net income attributable to common stockholders $ 117,827 $ 121,971 $ 367,294 $ 398,922 Basic earnings per share: Net income attributable to common stockholders $ 0.81 $ 0.81 $ 2.53 $ 2.63 Basic weighted average number of shares 144,706 150,630 145,421 151,654 Diluted earnings per share: Net income attributable to common stockholders $ 0.81 $ 0.80 $ 2.50 $ 2.60 Diluted weighted average number of shares 146,223 152,289 146,978 153,554 (See notes to unaudited condensed consolidated f

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