$CSV

CARRIAGE SERVICES INC

CIK:0001016281|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Revenues	$ 102,949	$ 102,147	$ 209,069	$ 209,216
Field costs and expenses:
Cemetery property amortization	3,129	2,241	5,124	4,069
Field depreciation expense	3,357	3,288	6,765	6,610
Regional and unallocated funeral and cemetery costs	3,652	3,260	8,043	8,495
Other expenses	1,346	1,480	2,571	3,136
Total field costs and expenses	67,905	66,212	135,385	135,439
Gross profit	35,044	35,935	73,684	73,777
Corporate costs and expenses:
General, administrative, and other	11,001	11,938	24,086	23,986
Net loss (gain) on divestitures and impairment charges	90	(1)	368	(5,771)
Operating income	23,953	23,998	49,230	55,562
Interest expense	6,683	7,034	13,567	14,332
Other, net	113	107	107	(1,881)
Income before income taxes	17,157	16,857	35,556	43,111
Expense for income taxes	4,935	5,260	10,098	13,451
Benefit related to discrete income tax items	(50)	(142)	(306)	(3,005)
Total expense for income taxes	4,885	5,118	9,792	10,446
Net income	$ 12,272	$ 11,739	$ 25,764	$ 32,665
Basic earnings per common share (in dollars per share)	$ 0.78	$ 0.75	$ 1.63	$ 2.09
Diluted earnings per common share (in dollars per share)	0.77	0.74	1.61	2.07
Dividends declared per share (in dollars per share)	$ 0.1125	$ 0.1125	$ 0.2250	$ 0.2250
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	15,651	15,458	15,609	15,352
Diluted (in shares)	15,842	15,653	15,811	15,528
Service revenue
Revenue:
Revenues	$ 45,605	$ 46,510	$ 96,527	$ 99,520
Field costs and expenses:
Cost of goods and services	23,897	23,787	48,344	48,364
Property and merchandise revenue
Revenue:
Revenues	47,149	46,513	93,041	92,099
Field costs and expenses:
Cost of goods and services	32,524	32,156	64,538	64,765
Other revenue
Revenue:
Revenues	$ 10,195	$ 9,124	$ 19,501	$ 17,597

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 25,764	$ 32,665
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,037	11,574
Provision for credit losses	2,048	1,973
Stock-based compensation expense	4,026	3,845
Deferred income tax expense	2,426	3,264
Amortization of intangibles	643	660
Amortization of debt issuance costs	259	255
Amortization and accretion of debt	292	278
Net loss (gain) on divestitures and impairment charges	368	(5,771)
Net gain on sale of excess real property	0	(1,993)
Changes in operating assets and liabilities that provided (used) cash:
Accounts and preneed receivables	(7,601)	(11,430)
Inventories, prepaid, and other current assets	(7,376)	(3,136)
Intangible and other non-current assets	(2,717)	(1,117)
Preneed funeral and cemetery trust investments	(3,380)	(4,281)
Accounts payable	(3,444)	(2,245)
Accrued and other liabilities	(8,229)	(10,458)
Deferred preneed funeral and cemetery revenue	1,572	1,941
Deferred preneed funeral and cemetery receipts held in trust	4,762	5,853
Net cash provided by operating activities	22,450	21,877
Cash flows from investing activities:
Acquisitions of businesses	(4,500)	0
Capital expenditures	(9,223)	(6,009)
Proceeds from divestitures and sale of other assets	342	18,822
Net cash (used in) provided by investing activities	(13,381)	12,813
Cash flows from financing activities:
Borrowings from the credit facility	63,029	24,600
Payments against the credit facility	(65,729)	(48,700)
Payments on acquisition debt and obligations under finance leases	(251)	(221)
Proceeds from the exercise of stock options and employee stock purchase plan contributions	688	983
Taxes paid on restricted stock, performance award vestings, and exercise of stock options	(2,387)	(7,631)
Dividends paid on common stock	(3,557)	(3,488)
Net cash used in financing activities	(8,207)	(34,457)
Net increase in cash and cash equivalents	862	233
Cash and cash equivalents at beginning of period	1,688	1,165
Cash and cash equivalents at end of period	2,550	1,398
Supplemental disclosure of cash flow information:
Cash paid for interest and financing costs	12,901	13,614
Cash paid for income taxes	$ 13,109	$ 9,884

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets, Current [Abstract]
Cash and cash equivalents	$ 2,550	$ 1,688
Accounts receivable, net	43,649	40,647
Inventories	7,727	7,763
Prepaid and other current assets	13,714	5,978
Total current assets	67,640	56,076
Preneed cemetery trust investments	113,456	109,152
Preneed funeral trust investments	112,900	115,416
Preneed cemetery receivables, net	69,605	67,055
Receivables from preneed funeral trusts, net	16,165	16,255
Property, plant, and equipment, net	286,815	286,810
Cemetery property, net	114,718	115,645
Goodwill	428,714	427,897
Intangible and other non-current assets, net	45,274	43,607
Operating lease right-of-use assets	11,563	12,045
Cemetery perpetual care trust investments	98,772	95,625
Non-current assets held for sale	322	322
Total assets	1,365,944	1,345,905
Current liabilities:
Current portion of debt and lease obligations	4,715	4,296
Accounts payable	16,298	18,999
Accrued and other liabilities	25,467	33,922
Total current liabilities	46,480	57,217
Long-term debt	526,016	528,335
Obligations under finance leases, net of current portion	9,011	9,339
Obligations under operating leases, net of current portion	9,531	10,538
Deferred preneed cemetery revenue	79,360	76,781
Deferred preneed funeral revenue	32,654	33,663
Deferred tax liability	57,834	55,409
Other long-term liabilities	1,469	1,854
Deferred preneed cemetery receipts held in trust	113,456	109,152
Deferred preneed funeral receipts held in trust	112,900	115,416
Care trusts’ corpus	97,864	93,425
Total liabilities	1,086,575	1,091,129
Commitments and contingencies:
Stockholders’ equity:
Common stock, $0.01 par value; 80,000,000 shares authorized and 27,510,114 and 27,378,870 shares issued, respectively and 15,882,296 and 15,751,052 shares outstanding, respectively	275	274
Additional paid-in capital	237,367	238,539
Retained earnings	320,480	294,716
Treasury stock, at cost; 11,627,818 shares	(278,753)	(278,753)
Total stockholders’ equity	279,369	254,776
Total liabilities and stockholders’ equity	$ 1,365,944	$ 1,345,905
Treasury stock, shares (in shares)	11,627,818	11,627,818