Carriage Services Announces Third Quarter 2017 Results And Raises Rolling Four Quarter Outlook
Remarkably, our home office support teams and systems continued to remain online serving our businesses throughout the crisis, a qualitative testimonial to our Mission of Being The Best. I want to take this opportunity on behalf of our senior leadership and Board to publicly thank all of the members of the Carriage Family of businesses and the many friends of our Carriage Family who reached out with their thoughts, prayers, sympathies and offers of support.
Third quarter highlights are shown below:
Three Months Ended
- Record Total Revenue of
$61.1 million , an increase of 1.5%; - Net Income of
$3.0 million , a decrease of 46.5%; - GAAP Diluted Earnings Per Share of
$0.17 , a decrease of 48.5%; - Total Field EBITDA of
$23.0 million , a decrease of 5.9%; - Total Field EBITDA Margin down 300 basis points to 37.7%;
- Adjusted Consolidated EBITDA of
$14.1 million , a decrease of 17.4%; - Adjusted Consolidated EBITDA Margin down 540 basis points to 23.1%;
- Adjusted Net Income of
$4.4 million , a decrease of 41.1%; and - Adjusted Diluted Earnings Per Share of
$0.25 , a decrease of 41.9%.
Nine Months Ended
- Record Total Revenue of
$193.1 million , an increase of 4.2%; - Net Income of
$14.5 million , a decrease of 6.0%; - GAAP Diluted Earnings Per Share of
$0.81 , a decrease of 11.0%; - Record Total Field EBITDA of
$77.8 million , an increase of .7%; - Total Field EBITDA Margin down 140 basis points to 40.3%;
- Adjusted Consolidated EBITDA of
$51.2 million , a decrease of 6.5%; - Adjusted Consolidated EBITDA Margin down 310 basis points to 26.5%;
- Adjusted Net Income of
$18.0 million , a decrease of 17.2%; and - Adjusted Diluted Earnings Per Share of
$1.00 , a decrease of 21.9%.
Our third quarter and year to date operating and financial results have been disappointing as year to date Adjusted Diluted Earnings Per Share declined 21.9% to
Beginning with my 2015 shareholder letter, continuing with our four quarterly earnings press releases from 2016 and concluding with my 2016 shareholder letter, I provided a comprehensive amount of in-depth data that was supported by explanations of Carriage's High Performance Culture Framework whose effective execution drives long-term value creation. In particular, I described the operational discipline related to our innovative Standards Operating Model that since 2011 has successfully driven and sustained both short and long-term revenue growth at sustainable Field EBITDA Margins. Moreover, I explained the importance of leadership versus management (First Who!) in our decentralized organizational structure, the goal of which is to grow revenue from gradual increases over time in our same store funeral contracts and preneed cemetery property sales. My efforts to explain and educate for a deeper understanding of our company by shareholders will continue selectively when it seems necessary or appropriate including in this release.
We have been encouraged year to date by the 0.9% growth in Same Store Funeral contract volume and 1.9% growth in Same Store Funeral revenue as there is broad evidence across our portfolio of local market share gains driven by our
The Funeral Market Share Standard in a new year compares the rolling twelve month number of funerals performed to the past three full calendar year average number of funerals performed. Standard Achievement is simply serving more families in the current year than the average of the last three. We have learned from experience that market share growth (volume without distinction between burial and cremation) is the key to achieving high and sustainable operating and financial results over a long period of time. Therefore, the Market Share Standard is the largest weighting in our Standards Operating Model at 30% of 100%. We have learned from mistakes and material market share losses within our funeral home portfolio in the past that focusing too heavily on maximizing short term profitability more often than not leads inevitably to losses in market share that are extremely difficult to reverse (refer to Ten Truths Of A Service Business on page 17 of my 2016 Shareholder Letter).
Revenue in our Acquisition Funeral portfolio increased 42.9% to
The almost
Throughout the past two quarters, our operating teams have focused on making the necessary changes in our sales leadership and examining the preneed property sales programs at our underperforming cemetery businesses to ensure sales and margin performance return to our previous standard. While future operating performance will be the true test of success of these changes, we have seen progress across our cemetery portfolio and believe we will have positive operating momentum in our cemetery portfolio as we move into 2018.
Capital Allocation
I am pleased to announce we executed four signed letters of intent in the third quarter and plan to close all four businesses within the next 90 days. None of these businesses were among the three letters of intent mentioned on our second quarter conference call. Three of these businesses will be in large new strategic markets for Carriage including a new state and all of these markets have other high quality acquisition candidates. The four businesses under letters of intent will collectively add over 3000 funerals to our portfolio and each has a strong competitive standing and market share growth opportunity in its respective market.
We are excited by the level of relationship building activity with the top remaining independent businesses by the Corporate Development Team as evidenced by the fact that the four letters of intent recently executed are the most we ever executed in a quarter. The continued effectiveness of our Corporate Development Team in building a larger pipeline of high quality acquisition candidates reaffirms our favorable relative assessment of Carriage's competitive positioning in the current industry landscape and confidence in our ability to execute our Strategic Acquisition Model at a high level over the course of the next several years.
We repurchased approximately 675,000 shares at an average purchase price of
Additionally, our Board of Directors approved an increase of our annual dividend to
The following are
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Rohaema Smith |
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Dieterle Memorial Home & Cremation Ceremonies; |
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* Notes |
Our country, the communities we serve and too many of our amazing employees have had to endure and persevere through tremendously difficult circumstances related to natural disasters and other tragedies this past quarter. We couldn't be more proud of the resiliency and grit that has been shown by our employee teams throughout this challenging period, and for that reason, I would like to acknowledge all our Carriage employees at the following businesses as Carriage's Super High Performance Heroes for the third quarter.
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Fuller Funeral-Cremation Service; |
Crespo & Jirrels; |
Harvey-Engelhardt Funeral & Cremation; Fort Meyer, FL |
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Fuller Metz Cremation & Funeral Services; |
Bradshaw-Carter Memorial & Funeral Services; |
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Schmidt Funeral Homes; |
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Bunkers Mortuaries; |
Ten Year Vision, Five Year Strategy, One Year Plan
Despite our disappointing performance thus far in 2017, there is nothing but optimism among our leadership at all levels of the company about the bright prospects for the future related to our Ten Year Vision and Five Year Strategy. We are only in the first year of the second five year timeframe of Carriage's Good To Great Journey that never ends, a year that brought challenges but also creative and dynamic change to our company that has seeded continuous improvement in areas that will be engines of growth and profitability over the next five years. Like night follows day, long-term value creation produced by effective execution of all elements of Carriage's High Performance Culture Framework will continue over time to benefit our shareholders," concluded
TRUST FUND PERFORMANCE
Shown below are consolidated performance metrics for the combined trust fund portfolios (preneed funeral, cemetery merchandise and services and cemetery perpetual care) at key dates.
Investment Performance | |||||||
Investment Performance(1) |
Index Performance | ||||||
Discretionary |
|
S&P 500 |
High Yield |
70/30 index | |||
9 months ended |
8.6% |
8.1% |
14.2% |
7.0% |
9.2% | ||
1 year ended |
19.7% |
18.3% |
12.0% |
17.6% |
15.9% | ||
2 years ended |
16.0% |
15.1% |
13.5% |
12.0% |
12.4% | ||
3 years ended |
25.7% |
24.2% |
28.9% |
14.8% |
19.0% | ||
4 years ended |
43.6% |
41.2% |
70.6% |
23.4% |
37.6% | ||
5 years ended |
72.8% |
65.4% |
97.8% |
42.6% |
59.2% | ||
(1) Investment performance includes realized income and unrealized appreciation. | |||||||
(2) The 70/30 Benchmark is 70% weighted to the High Yield Index and 30% weighted to the S&P 500 Stock Index. | |||||||
Asset Allocation as of | |||||||||||||
Discretionary |
Total | ||||||||||||
Asset Class |
MV |
% |
MV |
% | |||||||||
Cash |
$ |
11,465 |
6% |
$ |
27,191 |
12% |
|||||||
Equities |
65,443 |
32% |
67,873 |
29% |
|||||||||
Fixed Income |
120,535 |
60% |
132,016 |
57% |
|||||||||
Other/Insurance |
3,226 |
2% |
3,419 |
2% |
|||||||||
Total Portfolios |
$ |
200,669 |
100% |
$ |
230,499 |
100% |
For the nine months ended
ADJUSTED FREE CASH FLOW
We produced Adjusted Free Cash Flow from operations for the three and nine months ended
A reconciliation of Cash Flow Provided by Operations to Adjusted Free Cash Flow for the three and nine months ended
For the Three Months |
For the Nine Months | ||||||||||||||
2016 |
2017 |
2016 |
2017 | ||||||||||||
Cash Flow Provided by Operations |
$ |
9,854 |
$ |
10,579 |
$ |
34,840 |
$ |
30,825 |
|||||||
Cash Used for Maintenance Capital Expenditures |
(1,790) |
(1,620) |
(5,163) |
(6,322) |
|||||||||||
Free Cash Flow |
$ |
8,064 |
$ |
8,959 |
$ |
29,677 |
$ |
24,503 |
|||||||
Plus: Incremental Special Items: |
|||||||||||||||
Acquisition and Divestiture Expenses |
— |
— |
516 |
— |
|||||||||||
Severance Costs |
1,220 |
— |
3,979 |
— |
|||||||||||
Consulting Fees |
— |
— |
496 |
— |
|||||||||||
Natural Disaster Costs |
— |
398 |
— |
398 |
|||||||||||
Adjusted Free Cash Flow |
$ |
9,284 |
$ |
9,357 |
$ |
34,668 |
$ |
24,901 |
ROLLING FOUR QUARTER OUTLOOK
The Rolling Four Quarter Outlook ("Outlook") reflects management's opinion on the performance of the portfolio of existing businesses, including performance of existing trusts, and excludes size and timing of acquisitions for the Rolling Four Quarter Outlook period ending
Similarly, we self-publish a Company and Investment Profile, available on our website, that includes a Five Year "Roughly Right Scenario" of our future performance which together with our Five Year Trend Report provides investors a ten year past and future profile of our financial value creation dynamics and condition, making it easier to judge whether our "trends will continue to be the friend" of long-term investors.
In light of current operating trends and acquisitions expected to close in the next 90 days, we are raising our Rolling Four Quarter Outlook of Adjusted Diluted Earnings Per Share by
ROLLING FOUR QUARTER OUTLOOK - Period Ending
Range | ||
Revenues |
| |
Adjusted Consolidated EBITDA |
| |
Adjusted Net Income |
| |
Adjusted Basic Earnings Per Share |
| |
Adjusted Diluted Earnings Per Share(1) |
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Factors affecting our analysis include, among others, funeral contract volumes, average revenue per funeral service, cemetery interment volumes, preneed cemetery sales, capital expenditures, execution of our funeral and cemetery Standards Operating Model, market volatility and changes in
(1) |
The Rolling Four Quarter Outlook on Adjusted Diluted Earnings Per Share does not include any changes to our fully diluted share count that could occur related to additional share repurchases or a stock price increase and EPS dilution calculations related to our convertible subordinated notes and outstanding and exercisable stock options. |
CONFERENCE CALL AND INVESTOR RELATIONS CONTACT
For any investor relations questions, please contact
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OPERATING AND FINANCIAL TREND REPORT |
||||||||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
2016 |
2017 |
% Change |
2016 |
2017 |
% Change |
|||||||||||||
Same Store Contracts |
||||||||||||||||||
Atneed Contracts |
5,720 |
5,718 |
—% |
17,885 |
18,041 |
0.9% |
||||||||||||
Preneed Contracts |
1,321 |
1,375 |
4.1% |
4,204 |
4,255 |
1.2% |
||||||||||||
Total Same Store Funeral Contracts |
7,041 |
7,093 |
0.7% |
22,089 |
22,296 |
0.9% |
||||||||||||
Acquisition Contracts |
||||||||||||||||||
Atneed Contracts |
790 |
989 |
25.2% |
2,279 |
3,193 |
40.1% |
||||||||||||
Preneed Contracts |
153 |
167 |
9.2% |
419 |
597 |
42.5% |
||||||||||||
Total Acquisition Funeral Contracts |
943 |
1,156 |
22.6% |
2,698 |
3,790 |
40.5% |
||||||||||||
Total Funeral Contracts |
7,984 |
8,249 |
3.3% |
24,787 |
26,086 |
5.2% |
||||||||||||
Funeral Operating Revenue |
||||||||||||||||||
Same Store Revenue |
$ |
37,094 |
$ |
38,032 |
2.5% |
$ |
117,029 |
$ |
119,310 |
1.9% |
||||||||
Acquisition Revenue |
5,996 |
7,363 |
22.8% |
17,303 |
24,727 |
42.9% |
||||||||||||
Total Funeral Operating Revenue |
$ |
43,090 |
$ |
45,395 |
5.3% |
$ |
134,332 |
$ |
144,037 |
7.2% |
||||||||
Cemetery Operating Revenue |
||||||||||||||||||
Same Store Revenue |
$ |
11,467 |
$ |
10,748 |
(6.3%) |
$ |
35,093 |
$ |
33,522 |
(4.5%) |
||||||||
Acquisition Revenue |
978 |
761 |
(22.2%) |
2,312 |
2,370 |
2.5% |
||||||||||||
Total Cemetery Operating Revenue |
$ |
12,445 |
$ |
11,509 |
(7.5%) |
$ |
37,405 |
$ |
35,892 |
(4.0%) |
||||||||
Financial Revenue |
||||||||||||||||||
Preneed Funeral Commission Income |
$ |
361 |
$ |
315 |
(12.7%) |
$ |
1,138 |
$ |
951 |
(16.4%) |
||||||||
Preneed Funeral Trust Earnings |
1,732 |
1,618 |
(6.6%) |
5,482 |
5,290 |
(3.5%) |
||||||||||||
Cemetery Trust Earnings |
2,025 |
1,768 |
(12.7%) |
5,622 |
5,512 |
(2.0%) |
||||||||||||
Preneed Cemetery Finance Charges |
487 |
449 |
(7.8%) |
1,357 |
1,381 |
1.8% |
||||||||||||
Total Financial Revenue |
$ |
4,605 |
$ |
4,150 |
(9.9%) |
$ |
13,599 |
$ |
13,134 |
(3.4%) |
||||||||
Total Revenue |
$ |
60,140 |
$ |
61,054 |
1.5% |
$ |
185,336 |
$ |
193,063 |
4.2% |
||||||||
Field EBITDA |
||||||||||||||||||
Same Store Funeral Field EBITDA |
$ |
13,894 |
$ |
13,938 |
0.3% |
$ |
45,119 |
$ |
46,111 |
2.2% |
||||||||
Same Store Funeral Field EBITDA Margin |
37.5% |
36.6% |
(90 bp) |
38.6% |
38.6% |
0 bp |
||||||||||||
Acquisition Funeral Field EBITDA |
2,431 |
2,419 |
(0.5%) |
7,293 |
9,515 |
30.5% |
||||||||||||
Acquisition Funeral Field EBITDA Margin |
40.5% |
32.9% |
(760 bp) |
42.1% |
38.5% |
(360 bp) |
||||||||||||
Total Funeral Field EBITDA |
$ |
16,325 |
$ |
16,357 |
0.2% |
$ |
52,412 |
$ |
55,626 |
6.1% |
||||||||
Total Funeral Field EBITDA Margin |
37.9% |
36.0% |
(190 bp) |
39.0% |
38.6% |
(40 bp) |
||||||||||||
Same Store Cemetery Field EBITDA |
$ |
3,342 |
$ |
2,649 |
(20.7%) |
$ |
11,283 |
$ |
9,287 |
(17.7%) |
||||||||
Same Store Cemetery Field EBITDA Margin |
29.1% |
24.6% |
(450 bp) |
32.2% |
27.7% |
(450 bp) |
||||||||||||
Acquisition Cemetery Field EBITDA |
479 |
200 |
(58.2%) |
791 |
743 |
(6.1%) |
||||||||||||
Acquisition Cemetery Field EBITDA Margin |
49.0% |
26.3% |
(2,270 bp) |
34.2% |
31.4% |
(280 bp) |
||||||||||||
Total Cemetery Field EBITDA |
$ |
3,821 |
$ |
2,849 |
(25.4%) |
$ |
12,074 |
$ |
10,030 |
(16.9%) |
||||||||
Total Cemetery Field EBITDA Margin |
30.7% |
24.8% |
(590 bp) |
32.3% |
27.9% |
(440 bp) |
||||||||||||
Funeral Financial EBITDA |
$ |
1,876 |
$ |
1,705 |
(9.1%) |
$ |
5,994 |
$ |
5,535 |
(7.7%) |
||||||||
Cemetery Financial EBITDA |
2,441 |
2,107 |
(13.7%) |
6,764 |
6,612 |
(2.2%) |
||||||||||||
Total Financial EBITDA |
$ |
4,317 |
$ |
3,812 |
(11.7%) |
$ |
12,758 |
$ |
12,147 |
(4.8%) |
||||||||
Total Financial EBITDA Margin |
93.7% |
91.9% |
(180 bp) |
93.8% |
92.5% |
(130 bp) |
||||||||||||
Total Field EBITDA |
$ |
24,463 |
$ |
23,018 |
(5.9%) |
$ |
77,244 |
$ |
77,803 |
0.7% |
||||||||
Total Field EBITDA Margin |
40.7% |
37.7% |
(300 bp) |
41.7% |
40.3% |
(140 bp) |
||||||||||||
OPERATING AND FINANCIAL TREND REPORT |
||||||||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
2016 |
2017 |
% Change |
2016 |
2017 |
% Change |
|||||||||||||
Overhead |
||||||||||||||||||
Total Variable Overhead |
$ |
3,086 |
$ |
3,057 |
(0.9%) |
$ |
10,672 |
$ |
7,765 |
(27.2%) |
||||||||
Total Regional Fixed Overhead |
940 |
995 |
5.9% |
2,659 |
2,888 |
8.6% |
||||||||||||
Total Corporate Fixed Overhead |
4,545 |
5,234 |
15.2% |
14,118 |
16,347 |
15.8% |
||||||||||||
Total Overhead |
$ |
8,571 |
$ |
9,286 |
8.3% |
$ |
27,449 |
$ |
27,000 |
(1.6%) |
||||||||
Overhead as a Percentage of Revenue |
14.3% |
15.2% |
90 bp |
14.8% |
14.0% |
(80 bp) |
||||||||||||
Consolidated EBITDA |
$ |
15,892 |
$ |
13,732 |
(13.6%) |
$ |
49,795 |
$ |
50,803 |
2.0% |
||||||||
Consolidated EBITDA Margin |
26.4% |
22.5% |
(390 bp) |
26.9% |
26.3% |
(60 bp) |
||||||||||||
Other Expenses and Interest |
||||||||||||||||||
Depreciation & Amortization |
$ |
3,807 |
$ |
4,002 |
5.1% |
$ |
11,498 |
$ |
11,874 |
3.3% |
||||||||
Non-Cash Stock Compensation |
342 |
785 |
129.5% |
2,306 |
2,394 |
3.8% |
||||||||||||
Interest Expense |
2,903 |
3,282 |
13.1% |
8,722 |
9,517 |
9.1% |
||||||||||||
Accretion of Discount on Convertible Subordinated Notes |
981 |
1,097 |
11.8% |
2,862 |
3,200 |
11.8% |
||||||||||||
Loss on Early Extinguishment of Debt |
— |
— |
567 |
— |
||||||||||||||
Other, Net |
285 |
6 |
(20) |
3 |
||||||||||||||
Pretax Income |
$ |
7,574 |
$ |
4,560 |
(39.8%) |
$ |
23,860 |
$ |
23,815 |
(0.2%) |
||||||||
Provision for Income Taxes |
3,030 |
1,824 |
9,545 |
9,526 |
||||||||||||||
Tax Adjustment Related to Certain Discrete Items |
(1,139) |
(302) |
(1,139) |
(243) |
||||||||||||||
Total Tax Provision |
$ |
1,891 |
$ |
1,522 |
$ |
8,406 |
$ |
9,283 |
||||||||||
GAAP Net Income |
$ |
5,683 |
$ |
3,038 |
(46.5%) |
$ |
15,454 |
$ |
14,532 |
(6.0%) |
||||||||
Special Items, Net of Tax except for ** |
||||||||||||||||||
Acquisition and Divestiture Expenses |
$ |
— |
$ |
— |
$ |
336 |
$ |
— |
||||||||||
Severance and Retirement Costs |
793 |
— |
2,587 |
— |
||||||||||||||
Consulting Fees |
— |
— |
323 |
— |
||||||||||||||
Accretion of Discount on Convertible Subordinated Notes ** |
981 |
1,097 |
2,862 |
3,200 |
||||||||||||||
Loss on Early Extinguishment of Debt |
— |
— |
369 |
— |
||||||||||||||
Gain on Sale of Assets |
— |
— |
(198) |
— |
||||||||||||||
Natural Disaster Costs |
— |
259 |
— |
259 |
||||||||||||||
Sum of Special Items, Net of Tax |
$ |
1,774 |
$ |
1,356 |
(23.6%) |
$ |
6,279 |
$ |
3,459 |
(44.9%) |
||||||||
Adjusted Net Income |
$ |
7,457 |
$ |
4,394 |
(41.1%) |
$ |
21,733 |
$ |
17,991 |
(17.2%) |
||||||||
Adjusted Net Profit Margin |
12.4% |
7.2% |
(520 bp) |
11.7% |
9.3% |
(240 bp) |
||||||||||||
Adjusted Basic Earnings Per Share |
$ |
0.45 |
$ |
0.26 |
(42.2%) |
$ |
1.31 |
$ |
1.08 |
(17.6%) |
||||||||
Adjusted Diluted Earnings Per Share |
$ |
0.43 |
$ |
0.25 |
(41.9%) |
$ |
1.28 |
$ |
1.00 |
(21.9%) |
||||||||
GAAP Basic Earnings Per Share |
$ |
0.34 |
$ |
0.18 |
(47.1%) |
$ |
0.93 |
$ |
0.87 |
(6.5%) |
||||||||
GAAP Diluted Earnings Per Share |
$ |
0.33 |
$ |
0.17 |
(48.5%) |
$ |
0.91 |
$ |
0.81 |
(11.0%) |
||||||||
Weighted Average Basic Shares Outstanding |
16,529 |
16,476 |
16,502 |
16,575 |
||||||||||||||
Weighted Average Diluted Shares Outstanding |
17,101 |
17,598 |
16,862 |
17,887 |
||||||||||||||
Reconciliation to Adjusted Consolidated EBITDA |
||||||||||||||||||
Consolidated EBITDA |
$ |
15,892 |
$ |
13,732 |
(13.6%) |
$ |
49,795 |
$ |
50,803 |
2.0% |
||||||||
Acquisition and Divestiture Expenses |
— |
— |
516 |
— |
||||||||||||||
Severance and Retirement Costs |
1,220 |
— |
3,979 |
— |
||||||||||||||
Consulting Fees |
— |
— |
496 |
— |
||||||||||||||
Natural Disaster Costs |
— |
398 |
— |
398 |
||||||||||||||
Adjusted Consolidated EBITDA |
$ |
17,112 |
$ |
14,130 |
(17.4%) |
$ |
54,786 |
$ |
51,201 |
(6.5%) |
||||||||
Adjusted Consolidated EBITDA Margin |
28.5% |
23.1% |
(540 bp) |
29.6% |
26.5% |
(310 bp) |
| |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except share data) | |||||||
(unaudited) | |||||||
|
| ||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
3,286 |
$ |
759 |
|||
Accounts receivable, net |
18,860 |
18,821 |
|||||
Inventories |
6,147 |
6,346 |
|||||
Prepaid expenses |
2,640 |
1,355 |
|||||
Other current assets |
2,034 |
764 |
|||||
Total current assets |
32,967 |
28,045 |
|||||
Preneed cemetery trust investments |
69,696 |
71,728 |
|||||
Preneed funeral trust investments |
89,240 |
89,444 |
|||||
Preneed receivables, net |
30,383 |
31,279 |
|||||
Receivables from preneed trusts |
14,218 |
15,306 |
|||||
Property, plant and equipment, net |
235,113 |
235,501 |
|||||
Cemetery property, net |
76,119 |
76,961 |
|||||
|
275,487 |
275,487 |
|||||
Intangible and other non-current assets |
14,957 |
14,616 |
|||||
Cemetery perpetual care trust investments |
46,889 |
48,679 |
|||||
Total assets |
$ |
885,069 |
$ |
887,046 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
Current liabilities: |
|||||||
Current portion of long-term debt and capital lease obligations |
$ |
13,267 |
$ |
16,323 |
|||
Accounts payable |
10,198 |
6,686 |
|||||
Other liabilities |
717 |
1,811 |
|||||
Accrued liabilities |
20,091 |
15,294 |
|||||
Total current liabilities |
44,273 |
40,114 |
|||||
Long-term debt, net of current portion |
137,862 |
125,442 |
|||||
Revolving credit facility |
66,542 |
74,550 |
|||||
Convertible subordinated notes due 2021 |
119,596 |
123,182 |
|||||
Obligations under capital leases, net of current portion |
2,630 |
2,492 |
|||||
Deferred preneed cemetery revenue |
54,631 |
55,275 |
|||||
Deferred preneed funeral revenue |
33,198 |
34,652 |
|||||
Deferred tax liability |
42,810 |
44,025 |
|||||
Other long-term liabilities |
2,567 |
2,723 |
|||||
Deferred preneed cemetery receipts held in trust |
69,696 |
71,728 |
|||||
Deferred preneed funeral receipts held in trust |
89,240 |
89,444 |
|||||
Care trusts' corpus |
46,290 |
48,186 |
|||||
Total liabilities |
709,335 |
711,813 |
|||||
Commitments and contingencies: |
|||||||
Stockholders' equity: |
|||||||
Common stock, |
225 |
226 |
|||||
Additional paid-in capital |
215,064 |
216,396 |
|||||
Retained earnings |
20,711 |
35,243 |
|||||
|
(60,266) |
(76,632) |
|||||
Total stockholders' equity |
175,734 |
175,233 |
|||||
Total liabilities and stockholders' equity |
$ |
885,069 |
$ |
887,046 |
| |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(unaudited and in thousands, except per share data) | |||||||||||||||
For the Three Months |
For the Nine Months | ||||||||||||||
2016 |
2017 |
2016 |
2017 | ||||||||||||
Revenues: |
|||||||||||||||
Funeral |
$ |
45,183 |
$ |
47,329 |
$ |
140,952 |
$ |
150,279 |
|||||||
Cemetery |
14,957 |
13,725 |
44,384 |
42,784 |
|||||||||||
60,140 |
61,054 |
185,336 |
193,063 |
||||||||||||
Field costs and expenses: |
|||||||||||||||
Funeral |
26,982 |
29,267 |
82,546 |
89,118 |
|||||||||||
Cemetery |
8,695 |
8,769 |
25,546 |
26,142 |
|||||||||||
Depreciation and amortization |
3,452 |
3,601 |
10,359 |
10,719 |
|||||||||||
Regional and unallocated funeral and cemetery costs |
2,783 |
3,937 |
8,547 |
9,845 |
|||||||||||
41,912 |
45,574 |
126,998 |
135,824 |
||||||||||||
Gross profit |
18,228 |
15,480 |
58,338 |
57,239 |
|||||||||||
Corporate costs and expenses: |
|||||||||||||||
General, administrative and other |
6,130 |
6,134 |
21,208 |
19,549 |
|||||||||||
Home office depreciation and amortization |
355 |
401 |
1,139 |
1,155 |
|||||||||||
6,485 |
6,535 |
22,347 |
20,704 |
||||||||||||
Operating income |
11,743 |
8,945 |
35,991 |
36,535 |
|||||||||||
Interest expense |
(2,903) |
(3,282) |
(8,722) |
(9,517) |
|||||||||||
Accretion of discount on convertible subordinated notes |
(981) |
(1,097) |
(2,862) |
(3,200) |
|||||||||||
Loss on early extinguishment of debt |
— |
— |
(567) |
— |
|||||||||||
Other, net |
(285) |
(6) |
20 |
(3) |
|||||||||||
Income before income taxes |
7,574 |
4,560 |
23,860 |
23,815 |
|||||||||||
Provision for income taxes |
(3,030) |
(1,824) |
(9,545) |
(9,526) |
|||||||||||
Tax adjustment related to certain discrete items |
1,139 |
302 |
1,139 |
243 |
|||||||||||
Total provision for income taxes |
(1,891) |
(1,522) |
(8,406) |
(9,283) |
|||||||||||
Net income |
$ |
5,683 |
$ |
3,038 |
$ |
15,454 |
$ |
14,532 |
|||||||
Basic earnings per common share: |
$ |
0.34 |
$ |
0.18 |
$ |
0.93 |
$ |
0.87 |
|||||||
Diluted earnings per common share: |
$ |
0.33 |
$ |
0.17 |
$ |
0.91 |
$ |
0.81 |
|||||||
Dividends declared per common share: |
$ |
0.050 |
$ |
0.050 |
$ |
0.100 |
$ |
0.150 |
|||||||
Weighted average number of common and common equivalent shares outstanding: |
|||||||||||||||
Basic |
16,529 |
16,476 |
16,502 |
16,575 |
|||||||||||
Diluted |
17,101 |
17,598 |
16,962 |
17,887 |
| |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(unaudited and in thousands) | |||||||
For the Nine Months | |||||||
2016 |
2017 | ||||||
Cash flows from operating activities: |
|||||||
Net income |
$ |
15,454 |
$ |
14,532 |
|||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||
Depreciation and amortization |
11,498 |
11,874 |
|||||
Provision for losses on accounts receivable |
1,522 |
1,737 |
|||||
Stock-based compensation expense |
2,645 |
2,394 |
|||||
Deferred income tax expense |
3,618 |
1,215 |
|||||
Amortization of deferred financing costs |
622 |
614 |
|||||
Accretion of discount on convertible subordinated notes |
2,862 |
3,200 |
|||||
Loss on early extinguishment of debt |
567 |
— |
|||||
Net loss on sale and disposal of other assets |
186 |
341 |
|||||
Impairment of intangible assets |
145 |
— |
|||||
Changes in operating assets and liabilities that provided (required) cash: |
|||||||
Accounts and preneed receivables |
(3,945) |
(2,594) |
|||||
Inventories and other current assets |
682 |
2,356 |
|||||
Intangible and other non-current assets |
386 |
340 |
|||||
Preneed funeral and cemetery trust investments |
(4,828) |
(5,114) |
|||||
Accounts payable |
(2,149) |
(3,510) |
|||||
Accrued and other liabilities |
292 |
(2,790) |
|||||
Deferred preneed funeral and cemetery revenue |
742 |
2,098 |
|||||
Deferred preneed funeral and cemetery receipts held in trust |
4,541 |
4,132 |
|||||
Net cash provided by operating activities |
34,840 |
30,825 |
|||||
Cash flows from investing activities: |
|||||||
Acquisitions and land for new construction |
(15,056) |
(723) |
|||||
Purchase of land and buildings previously leased |
(6,258) |
— |
|||||
Net proceeds from the sale of other assets |
955 |
405 |
|||||
Capital expenditures |
(12,039) |
(13,129) |
|||||
Net cash used in investing activities |
(32,398) |
(13,447) |
|||||
Cash flows from financing activities: |
|||||||
Borrowings from the revolving credit facility |
45,500 |
75,100 |
|||||
Payments against the revolving credit facility |
(74,800) |
(67,300) |
|||||
Borrowings from the term loan |
39,063 |
— |
|||||
Payments against the term loan |
(8,438) |
(8,438) |
|||||
Payments on other long-term debt and obligations under capital leases |
(987) |
(1,084) |
|||||
Payments on contingent consideration recorded at acquisition date |
— |
(101) |
|||||
Proceeds from the exercise of stock options and employee stock purchase plan contributions |
686 |
1,296 |
|||||
Taxes paid on restricted stock vestings and exercise of non-qualified options |
(560) |
(509) |
|||||
Dividends paid on common stock |
(1,662) |
(2,503) |
|||||
Purchase of treasury stock |
— |
(16,366) |
|||||
Payment of loan origination costs related to the credit facility |
(717) |
— |
|||||
Excess tax deficiency of equity compensation |
(207) |
— |
|||||
Net cash used in financing activities |
(2,122) |
(19,905) |
|||||
Net increase (decrease) in cash and cash equivalents |
320 |
(2,527) |
|||||
Cash and cash equivalents at beginning of period |
535 |
3,286 |
|||||
Cash and cash equivalents at end of period |
$ |
855 |
$ |
759 |
|||
NON-GAAP FINANCIAL MEASURES
This press release uses Non-GAAP financial measures to present the financial performance of the Company. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported operating results or cash flow from operations or any other measure of performance as determined in accordance with GAAP. We believe the Non-GAAP results are useful to investors because such results help investors compare our results to previous periods and provide insights into underlying trends in our business. The Company's GAAP financial statements accompany this release. Reconciliations of the Non-GAAP financial measures to GAAP measures are provided in this press release.
The Non-GAAP financial measures include "Special Items", "Adjusted Net Income", "Consolidated EBITDA", "Adjusted Consolidated EBITDA", "Adjusted Consolidated EBITDA Margin", "Adjusted Free Cash Flow", "Funeral, Cemetery and Financial EBITDA", "Total Field EBITDA", "Total Field EBITDA Margin", "Adjusted Basic Earnings Per Share" and "Adjusted Diluted Earnings Per Share" in this press release. These financial measurements are defined as similar GAAP items adjusted for Special Items and are reconciled to GAAP in this press release. In addition, the Company's presentation of these measures may not be comparable to similarly titled measures in other companies' reports. The definitions used by the Company for our internal management purposes and in this press release are as follows:
- Special Items are defined as charges or credits included in our GAAP financial statements that can vary from period to period and are not reflective of costs incurred in the ordinary course of our operations. Special Items are taxed at the federal statutory rate of 35 percent for both the three and nine months ended
September 30, 2016 and 2017, except for the accretion of the discount on the Convertible Notes as this is a non-tax deductible item. - Adjusted Net Income is defined as net income plus adjustments for Special Items and other non-recurring expenses or credits.
- Consolidated EBITDA is defined as net income before income taxes, interest expenses, non-cash stock compensation, depreciation and amortization, and interest income and other, net.
- Adjusted Consolidated EBITDA is defined as Consolidated EBITDA plus adjustments for Special Items and non-recurring expenses or credits.
- Adjusted Consolidated EBITDA Margin is defined as Adjusted Consolidated EBITDA as a percentage of revenue.
- Adjusted Free Cash Flow is defined as net cash provided by operations, adjusted by Special Items as deemed necessary, less cash for maintenance capital expenditures.
- Funeral Field EBITDA is defined as Funeral Gross Profit, which is funeral revenue minus funeral field costs and expenses, less depreciation and amortization, regional and unallocated funeral costs and Funeral Financial EBITDA.
- Cemetery Field EBITDA is defined as Cemetery Gross Profit, which is cemetery revenue minus cemetery field costs and expenses, less depreciation and amortization, regional and unallocated cemetery costs and Cemetery Financial EBITDA.
- Funeral Financial EBITDA is defined as Funeral Financial Revenue less Funeral Financial Expenses.
- Cemetery Financial EBITDA is defined as Cemetery Financial Revenue less Cemetery Financial Expenses.
- Total Field EBITDA is defined as Gross Profit less depreciation and amortization, regional and unallocated funeral and cemetery costs.
- Total Field EBITDA Margin is defined as Total Field EBITDA as a percentage of revenue.
- Adjusted Basic Earnings Per Share is defined as GAAP Basic Earnings Per Share, adjusted for Special Items.
- Adjusted Diluted Earnings Per Share is defined as GAAP Diluted Earnings Per Share, adjusted for Special Items.
Reconciliation of Non-GAAP Financial Measures:
This press release includes the use of certain financial measures that are not GAAP measures. The Non-GAAP financial measures are presented for additional information and are reconciled to their most comparable GAAP measures below.
Reconciliation of Net Income to Adjusted Net Income for the three and nine months ended
For the Three Months |
For the Nine Months | ||||||||||||||||
2016 |
2017 |
2016 |
2017 | ||||||||||||||
Net Income |
$ |
5,683 |
$ |
3,038 |
$ |
15,454 |
$ |
14,532 |
|||||||||
Special Items, Net of Tax except for ** |
|||||||||||||||||
Acquisition and Divestiture Expenses |
— |
— |
336 |
— |
|||||||||||||
Severance and Retirement Costs |
793 |
— |
2,587 |
— |
|||||||||||||
Consulting Fees |
— |
— |
323 |
— |
|||||||||||||
Accretion of Discount on Convertible Subordinated Notes ** |
981 |
1,097 |
2,862 |
3,200 |
|||||||||||||
Loss on Early Extinguishment of Debt |
— |
— |
369 |
— |
|||||||||||||
Gain on Sale of Assets |
— |
— |
(198) |
— |
|||||||||||||
Natural Disaster Costs |
— |
259 |
— |
259 |
|||||||||||||
Total Special Items affecting Net Income |
$ |
1,774 |
$ |
1,356 |
$ |
6,279 |
$ |
3,459 |
|||||||||
Adjusted Net Income |
$ |
7,457 |
$ |
4,394 |
$ |
21,733 |
$ |
17,991 |
|||||||||
Reconciliation of Net Income to Consolidated EBITDA and Adjusted Consolidated EBITDA for the three and nine months ended
For the Three Months Ended |
For the Nine Months |
||||||||||||||||
2016 |
2017 |
2016 |
2017 |
||||||||||||||
Net Income |
$ |
5,683 |
$ |
3,038 |
$ |
15,454 |
$ |
14,532 |
|||||||||
Total Tax Provision |
1,891 |
1,522 |
8,406 |
9,283 |
|||||||||||||
Pretax Income |
$ |
7,574 |
$ |
4,560 |
$ |
23,860 |
$ |
23,815 |
|||||||||
Interest Expense |
2,903 |
3,282 |
8,722 |
9,517 |
|||||||||||||
Accretion of Discount on Convertible Subordinated Notes |
981 |
1,097 |
2,862 |
3,200 |
|||||||||||||
Loss on Early Extinguishment of Debt |
— |
— |
567 |
— |
|||||||||||||
Non-Cash Stock Compensation |
342 |
785 |
2,306 |
2,394 |
|||||||||||||
Depreciation & Amortization |
3,807 |
4,002 |
11,498 |
11,874 |
|||||||||||||
Other, Net |
285 |
6 |
(20) |
3 |
|||||||||||||
Consolidated EBITDA |
$ |
15,892 |
$ |
13,732 |
$ |
49,795 |
$ |
50,803 |
|||||||||
Adjusted For: |
|||||||||||||||||
Acquisition and Divestiture Expenses |
— |
— |
516 |
— |
|||||||||||||
Severance and Retirement Costs |
1,220 |
— |
3,979 |
— |
|||||||||||||
Consulting Fees |
— |
— |
496 |
— |
|||||||||||||
Natural Disaster Costs |
— |
398 |
— |
398 |
|||||||||||||
Adjusted Consolidated EBITDA |
$ |
17,112 |
$ |
14,130 |
$ |
54,786 |
$ |
51,201 |
|||||||||
Revenue |
$ |
60,140 |
$ |
61,054 |
$ |
185,336 |
$ |
193,063 |
|||||||||
Adjusted Consolidated EBITDA Margin |
28.5% |
23.1% |
29.6% |
26.5% |
Reconciliation of Funeral and Cemetery Gross Profit to Field EBITDA for the three and nine months ended
Funeral Field EBITDA |
For the Three Months |
For the Nine Months | |||||||||||||
2016 |
2017 |
2016 |
2017 | ||||||||||||
Gross Profit (GAAP) |
$ |
13,786 |
$ |
12,570 |
$ |
45,142 |
$ |
45,951 |
|||||||
Depreciation & Amortization |
2,238 |
2,431 |
6,454 |
7,329 |
|||||||||||
Regional & Unallocated Costs |
2,177 |
3,061 |
6,810 |
7,881 |
|||||||||||
Funeral Financial EBITDA |
(1,876) |
(1,705) |
(5,994) |
(5,535) |
|||||||||||
Funeral Field EBITDA |
$ |
16,325 |
$ |
16,357 |
$ |
52,412 |
$ |
55,626 |
|||||||
Cemetery Field EBITDA |
For the Three Months |
For the Nine Months | |||||||||||||
2016 |
2017 |
2016 |
2017 | ||||||||||||
Gross Profit (GAAP) |
$ |
4,442 |
$ |
2,910 |
$ |
13,196 |
$ |
11,288 |
|||||||
Depreciation & Amortization |
1,214 |
1,170 |
3,905 |
3,390 |
|||||||||||
Regional & Unallocated Costs |
606 |
876 |
1,737 |
1,964 |
|||||||||||
Cemetery Financial EBITDA |
(2,441) |
(2,107) |
(6,764) |
(6,612) |
|||||||||||
Cemetery Field EBITDA |
$ |
3,821 |
$ |
2,849 |
$ |
12,074 |
$ |
10,030 |
|||||||
Total Field EBITDA |
For the Three Months |
For the Nine Months | |||||||||||||
2016 |
2017 |
2016 |
2017 | ||||||||||||
Funeral Field EBITDA |
$ |
16,325 |
$ |
16,357 |
$ |
52,412 |
$ |
55,626 |
|||||||
Cemetery Field EBITDA |
3,821 |
2,849 |
12,074 |
10,030 |
|||||||||||
Funeral Financial EBITDA |
1,876 |
1,705 |
5,994 |
5,535 |
|||||||||||
Cemetery Financial EBITDA |
2,441 |
2,107 |
6,764 |
6,612 |
|||||||||||
Total Field EBITDA |
$ |
24,463 |
$ |
23,018 |
$ |
77,244 |
$ |
77,803 |
Reconciliation of GAAP Basic Earnings Per Share to Adjusted Basic Earnings Per Share for the three and nine months ended
For the Three Months |
For the Nine Months | ||||||||||||||
2016 |
2017 |
2016 |
2017 | ||||||||||||
GAAP Basic Earnings Per Share |
$ |
0.34 |
$ |
0.18 |
$ |
0.93 |
$ |
0.87 |
|||||||
Special Items Affecting Net Income |
0.11 |
0.08 |
0.38 |
0.21 |
|||||||||||
Adjusted Basic Earnings Per Share |
$ |
0.45 |
$ |
0.26 |
$ |
1.31 |
$ |
1.08 |
Reconciliation of GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share for the three and nine months ended
For the Three Months |
For the Nine Months | ||||||||||||||
2016 |
2017 |
2016 |
2017 | ||||||||||||
GAAP Diluted Earnings Per Share |
$ |
0.33 |
$ |
0.17 |
$ |
0.91 |
$ |
0.81 |
|||||||
Special Items Affecting Net Income |
0.10 |
0.08 |
0.37 |
0.19 |
|||||||||||
Adjusted Diluted Earnings Per Share |
$ |
0.43 |
$ |
0.25 |
$ |
1.28 |
$ |
1.00 |
On page five of this press release, we present the Rolling Four Quarter Outlook ("Outlook") which reflects management's opinion on the performance of the portfolio of existing businesses, including performance of existing trusts, and excludes size and timing of acquisitions for the Rolling Four Quarter Outlook period ending
Reconciliation of Net Income to Consolidated EBITDA and Adjusted Consolidated EBITDA for the estimated Rolling Four Quarters ending
Rolling Four Quarter Outlook | |||||||
|
|||||||
Net Income |
$ |
25,700 |
|||||
Total Tax Provision |
17,000 |
||||||
Pretax Income |
$ |
42,700 |
|||||
Net Interest Expense, including Accretion of Discount on Convertible Subordinated Notes |
17,800 |
||||||
Depreciation & Amortization, including Non-cash Stock Compensation |
20,000 |
||||||
Consolidated EBITDA |
$ |
80,500 |
|||||
Adjusted for Special Items |
— |
||||||
Adjusted Consolidated EBITDA |
$ |
80,500 |
Reconciliation of Net Income to Adjusted Net Income for the estimated Rolling Four Quarters ending
Rolling Four Quarter Outlook | |||||||
|
|||||||
Net Income |
$ |
25,700 |
|||||
Special Items |
4,800 |
||||||
Adjusted Net Income |
$ |
30,500 |
Reconciliation of GAAP Basic Earnings Per Share to Adjusted Basic Earnings Per Share for the estimated Rolling Four Quarters ending
Rolling Four Quarter Outlook | |||||||
|
|||||||
GAAP Basic Earnings Per Share |
$ |
1.57 |
|||||
Special Items Affecting Net Income |
0.30 |
||||||
Adjusted Basic Earnings Per Share |
$ |
1.87 |
Reconciliation of GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share for the estimated Rolling Four Quarters ending
Rolling Four Quarter Outlook | |||||||
|
|||||||
GAAP Diluted Earnings Per Share |
$ |
1.47 |
|||||
Special Items Affecting Net Income |
0.28 |
||||||
Adjusted Diluted Earnings Per Share |
$ |
1.75 |
Supplemental Information:
Funeral homes and cemeteries purchased after
The presentation below highlights the impact of our 2012 Acquired Portfolio that moved from Acquired to Same Store beginning
For the Three Months |
For the Nine Months | ||||||||||||||
Revenue |
EBITDA |
Revenue |
EBITDA | ||||||||||||
2012 Acquired Portfolio |
$ |
3,740 |
$ |
1,492 |
$ |
11,583 |
$ |
4,711 |
|||||||
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements made herein or elsewhere by, or on behalf of, the Company that are not historical facts are intended to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to historical information, this Press Release contains certain statements and information that may constitute forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding any projections of earnings, revenues, asset sales, cash flow, debt levels or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing and are based on our current expectations and beliefs concerning future developments and their potential effect on us. The words "may", "will", "estimate", "intend", "believe", "expect", "seek", "project", "forecast", "foresee", "should", "would", "could", "plan", "anticipate" and other similar words or expressions are intended to identify forward-looking statements, which are generally not historical in nature. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:
- our ability to find and retain skilled personnel;
- our ability to execute our growth strategy;
- the effects of competition;
- the execution of our Standards Operating, 4E Leadership and Strategic Acquisition Models;
- changes in the number of deaths in our markets;
- changes in consumer preferences;
- our ability to generate preneed sales;
- the investment performance of our funeral and cemetery trust funds;
- fluctuations in interest rates;
- our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness;
- the timely and full payment of death benefits related to preneed funeral contracts funded through life insurance contracts;
- the financial condition of third-party insurance companies that fund our preneed funeral contracts;
- increased or unanticipated costs, such as insurance or taxes;
- effects of the application of applicable laws and regulations, including changes in such regulations or the interpretation thereof;
- consolidation of the deathcare industry; and
- other factors and uncertainties inherent in the deathcare industry.
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see "Risk Factors" in our most recent Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. A copy of the Company's Form 10-K, other
This press release includes the use of certain financial measures that are not GAAP measures. The Non-GAAP financial measures are presented for additional information and are reconciled to their most comparable GAAP measures in the tables presented above.
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