CARRIAGE SERVICES INC

Listed Company

CSVCIK 0001016281NYSEAcceleratedServices-Personal ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$417.44M

Net Income

—

Total Assets

$1.35B

Equity

$254.78M

Shares Out

15.75M

Op. Cash Flow

$60.69M

Business

Carriage Services Inc is a provider of funeral and cemetery services and merchandise in the United States. It offers funeral and memorial services, cremation, caskets and other merchandise, cemetery interment rights and memorial markers, preneed and pre-planned arrangements, and trust and investment advisory services. The company operates in two segments, Funeral Home Operations and Cemetery Operations, delivering atneed and preneed sales, merchandise installation and cemetery services. Services are delivered across numerous U.S. states through locally branded funeral homes and cemeteries, local sales teams and trust- or insurance-funded channels.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	417	404	383	370	376
Cemetery property amortization	9	8	6	6	7
Field depreciation expense	13	14	14	13	13
Regional and unallocated funeral and cemetery costs	18	15	17	23	26
Other expenses	6	6	6	5	5
Total field costs and expenses	271	261	258	251	246
Gross profit	147	143	124	119	130
General, administrative, and other	49	59	42	37	35
Net loss on divestitures and impairment charges	371,000	3	1	2	666,000
Operating income	98	82	81	80	94
Interest expense	28	32	36	26	—
Net gain on property damage, net of insurance claims	0	−417,000	−343,000	−3	—
Other, net	−971,000	61,000	−1	−82,000	84,000
Income before income taxes	70	50	46	57	44
Expense for income taxes	22	16	13	—	—
(Benefit) expense related to discrete income tax items	−3	1	−170,000	−430,000	−1
Total expense for income taxes	19	17	13	16	11
Net income	52	33	33	41	33
Basic earnings per common share (in dollars per share)	3.29	2.17	2.24	2.78	1.9
Diluted earnings per common share (in dollars per share)	3.25	2.1	2.14	2.63	1.81
Dividends declared per share (in dollars per share)	0.45	0.45	0.45	0.45	0.41
Basic (in shares)	15	15	15	15	17
Diluted (in shares)	16	15	15	16	18

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2	1	2	1	1
Accounts receivable, net	41	30	27	24	25
Inventories	8	8	8	8	7
Prepaid and other current assets	6	4	5	5	6
Current assets held for sale	0	1	0	—	—
Total current assets	56	45	42	38	40
Preneed cemetery trust investments	109	98	96	95	101
Preneed funeral trust investments	115	106	108	105	114
Preneed cemetery receivables, net	67	51	36	27	23
Receivables from preneed funeral trusts, net	16	22	22	20	19
Property, plant, and equipment, net	287	273	287	278	269
Cemetery property, net	116	110	115	104	101
Goodwill	428	415	424	410	392
Intangible and other non-current assets, net	44	40	38	33	29
Operating lease right-of-use assets	12	15	16	17	18
Cemetery perpetual care trust investments	96	85	85	66	72
Non-current assets held for sale	322,000	19	0	—	—
Total assets	1,346	1,280	1,268	1,193	1,179
Current portion of debt and lease obligations	4	4	4	3	3
Accounts payable	19	15	12	12	14
Accrued and other liabilities	34	38	35	31	44
Current liabilities held for sale	0	240,000	0	—	—
Total current liabilities	57	58	51	45	61
Acquisition debt, net of current portion	6	5	—	—	—
Long-term liabilities held for sale	0	14	0	—	—
Credit facility	125	135	178	189	154
Senior notes	397	397	—	—	—
Obligations under finance leases, net of current portion	9	6	6	5	5
Obligations under operating leases, net of current portion	11	14	16	17	19
Deferred preneed cemetery revenue	77	62	61	52	50
Deferred preneed funeral revenue	34	39	40	32	31
Deferred tax liability	55	51	52	49	46
Other long-term liabilities	2	1	2	3	1
Deferred preneed cemetery receipts held in trust	109	98	96	95	101
Deferred preneed funeral receipts held in trust	115	106	108	105	114
Care trusts corpus	93	84	84	65	71
Total liabilities	1,091	1,071	1,095	1,056	1,051
Commitments and contingencies:	—	—	—	—	—
Common stock, $0.01 par value; 80,000,000 shares authorized and 27,378,870 and 26,881,355 shares issued, respectively and 15,751,052 and 15,253,537 shares outstanding, respectively	274,000	269,000	266,000	264,000	263,000
Additional paid-in capital	239	244	241	239	237
Retained earnings	295	243	210	177	135
Treasury stock, at cost; 11,627,818 shares	−279	−279	−279	−279	−245
Total stockholders equity	255	209	173	137	128
Total liabilities and stockholders equity	1,346	1,280	1,268	1,193	1,179

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	52	33	33	41	33
Depreciation and amortization	25	23	21	20	21
Provision for credit losses	4	3	3	3	2
Stock-based compensation expense	8	7	8	6	6
Deferred income tax expense (benefit)	4	−698,000	3	3	−692,000
Amortization of intangibles	1	1	1	1	1
Amortization of debt issuance costs	512,000	622,000	699,000	552,000	576,000
Amortization and accretion of debt	563,000	539,000	515,000	493,000	439,000
Net loss on divestitures and impairment charges	371,000	3	1	2	847,000
Net gain on sale of excess real property	−993,000	0	−1	−155,000	0
Accounts and preneed receivables	−28	−25	−8	−5	−4
Inventories, prepaid, and other current assets	−2	1	−72,000	2	−4
Intangible and other non-current assets	−4	−4	−3	−2	−1
Preneed funeral and cemetery trust investments	−18	1	−775,000	−18	−31
Accounts payable	−369,000	2	169,000	−101,000	522,000
Accrued and other liabilities	−2	4	3	−9	3
Deferred preneed funeral and cemetery revenue	−2	7	15	1	5
Deferred preneed funeral and cemetery receipts held in trust	23	−3	−966,000	18	29
Net cash provided by operating activities	61	52	76	61	84
Acquisitions of businesses and real property	59	0	45	−34	−3
Capital expenditures	−21	−16	−18	−26	−25
Proceeds from divestitures and sale of other assets	44	12	4	5	8
Proceeds from insurance claims	0	403,000	1	2	8
Net cash used in investing activities	−35	−4	−57	−52	−13
Borrowings from the credit facility	138	55	86	155	266
Payments against the credit facility	−148	−97	−98	−120	−158
Payment of debt issuance costs for the credit facility	0	−781,000	0	−922,000	−2
Payments on acquisition debt and obligations under finance leases	−1	−1	−1	−882,000	−1
Proceeds from the exercise of stock options and employee stock purchase plan contributions	2	3	1	2	3
Taxes paid on restricted stock, performance award vestings, and exercise of stock options	−8	−593,000	−252,000	−327,000	−3
Dividends paid on common stock	−7	−7	−7	−7	−7
Net cash used in financing activities	−25	−49	−18	−9	−71
Net increase (decrease) in cash and cash equivalents	523,000	−358,000	353,000	22,000	259,000
Cash paid for interest and financing costs	27	31	35	—	—
Cash paid for taxes	17	17	10	—	—
Land purchased in exchange for debt	0	0	3	—	—

Filings

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