csv-20230630
000101628112/312023Q2falseP1YP3YP9Y3356700010162812023-01-012023-06-3000010162812023-08-01xbrli:shares00010162812022-12-31iso4217:USD00010162812023-06-30iso4217:USDxbrli:shares0001016281csv:ServiceRevenueMember2022-04-012022-06-300001016281csv:ServiceRevenueMember2023-04-012023-06-300001016281csv:ServiceRevenueMember2022-01-012022-06-300001016281csv:ServiceRevenueMember2023-01-012023-06-300001016281csv:PropertyandMerchandiseMember2022-04-012022-06-300001016281csv:PropertyandMerchandiseMember2023-04-012023-06-300001016281csv:PropertyandMerchandiseMember2022-01-012022-06-300001016281csv:PropertyandMerchandiseMember2023-01-012023-06-300001016281csv:OtherRevenueMember2022-04-012022-06-300001016281csv:OtherRevenueMember2023-04-012023-06-300001016281csv:OtherRevenueMember2022-01-012022-06-300001016281csv:OtherRevenueMember2023-01-012023-06-3000010162812022-04-012022-06-3000010162812023-04-012023-06-3000010162812022-01-012022-06-3000010162812021-12-3100010162812022-06-300001016281us-gaap:CommonStockMember2022-03-310001016281us-gaap:AdditionalPaidInCapitalMember2022-03-310001016281us-gaap:RetainedEarningsMember2022-03-310001016281us-gaap:TreasuryStockCommonMember2022-03-3100010162812022-03-310001016281us-gaap:RetainedEarningsMember2022-04-012022-06-300001016281us-gaap:CommonStockMember2022-04-012022-06-300001016281us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001016281srt:DirectorMemberus-gaap:CommonStockMember2022-04-012022-06-300001016281srt:DirectorMemberus-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001016281srt:DirectorMember2022-04-012022-06-300001016281us-gaap:TreasuryStockCommonMember2022-04-012022-06-300001016281us-gaap:CommonStockMember2022-06-300001016281us-gaap:AdditionalPaidInCapitalMember2022-06-300001016281us-gaap:RetainedEarningsMember2022-06-300001016281us-gaap:TreasuryStockCommonMember2022-06-300001016281us-gaap:CommonStockMember2023-03-310001016281us-gaap:AdditionalPaidInCapitalMember2023-03-310001016281us-gaap:RetainedEarningsMember2023-03-310001016281us-gaap:TreasuryStockCommonMember2023-03-3100010162812023-03-310001016281us-gaap:RetainedEarningsMember2023-04-012023-06-300001016281us-gaap:CommonStockMember2023-04-012023-06-300001016281us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001016281srt:DirectorMemberus-gaap:CommonStockMember2023-04-012023-06-300001016281srt:DirectorMemberus-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001016281srt:DirectorMember2023-04-012023-06-300001016281us-gaap:CommonStockMember2023-06-300001016281us-gaap:AdditionalPaidInCapitalMember2023-06-300001016281us-gaap:RetainedEarningsMember2023-06-300001016281us-gaap:TreasuryStockCommonMember2023-06-300001016281us-gaap:CommonStockMember2021-12-310001016281us-gaap:AdditionalPaidInCapitalMember2021-12-310001016281us-gaap:RetainedEarningsMember2021-12-310001016281us-gaap:TreasuryStockCommonMember2021-12-310001016281us-gaap:RetainedEarningsMember2022-01-012022-06-300001016281us-gaap:CommonStockMember2022-01-012022-06-300001016281us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001016281srt:DirectorMemberus-gaap:CommonStockMember2022-01-012022-06-300001016281srt:DirectorMemberus-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001016281srt:DirectorMember2022-01-012022-06-300001016281us-gaap:TreasuryStockCommonMember2022-01-012022-06-300001016281us-gaap:CommonStockMember2022-12-310001016281us-gaap:AdditionalPaidInCapitalMember2022-12-310001016281us-gaap:RetainedEarningsMember2022-12-310001016281us-gaap:TreasuryStockCommonMember2022-12-310001016281us-gaap:RetainedEarningsMember2023-01-012023-06-300001016281us-gaap:CommonStockMember2023-01-012023-06-300001016281us-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-300001016281srt:DirectorMemberus-gaap:CommonStockMember2023-01-012023-06-300001016281srt:DirectorMemberus-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-300001016281srt:DirectorMember2023-01-012023-06-30csv:segment0001016281csv:FuneralHomesMember2023-06-30xbrli:pure0001016281csv:CemeteriesMember2023-06-30csv:funeral_homecsv:statecsv:cemeteries0001016281us-gaap:LandMember2022-12-310001016281us-gaap:LandMember2023-06-300001016281us-gaap:BuildingAndBuildingImprovementsMember2022-12-310001016281us-gaap:BuildingAndBuildingImprovementsMember2023-06-300001016281csv:FurnitureEquipmentAndAutomobilesMember2022-12-310001016281csv:FurnitureEquipmentAndAutomobilesMember2023-06-300001016281csv:FuneralHomesMember2022-01-012022-06-30csv:divestiture0001016281csv:FuneralHomesMember2022-01-012022-06-300001016281csv:CemeteriesMember2023-01-012023-06-300001016281csv:BakersfieldCaliforniaMember2023-03-22csv:cemetarycsv:crematory0001016281csv:BakersfieldCaliforniaMember2023-03-222023-03-220001016281csv:BakersfieldCaliforniaMember2023-03-232023-06-300001016281csv:BakersfieldCaliforniaMember2023-06-3000010162812023-03-232023-06-300001016281csv:BakersfieldCaliforniaMember2023-06-302023-06-300001016281us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2023-03-2200010162812022-01-012022-12-310001016281csv:CemeteryMember2023-01-012023-06-300001016281csv:FuneralMember2023-01-012023-06-300001016281csv:FuneralMember2022-01-012022-06-300001016281csv:FuneralMember2023-06-300001016281csv:CemeteryMember2023-06-300001016281us-gaap:CorporateMember2023-06-300001016281csv:FuneralMember2022-12-310001016281csv:CemeteryMember2022-12-310001016281us-gaap:CorporateMember2022-12-310001016281srt:MaximumMember2023-01-012023-06-300001016281csv:CemeteryIntermentRightsMember2022-12-310001016281csv:CemeteryIntermentRightsMember2023-06-300001016281csv:CemeteryMerchandiseandServicesMember2022-12-310001016281csv:CemeteryMerchandiseandServicesMember2023-06-300001016281csv:PreneedCemeteryReceivablesMember2022-12-310001016281csv:PreneedCemeteryReceivablesMember2023-01-012023-06-300001016281csv:PreneedCemeteryReceivablesMember2023-06-300001016281csv:RecognizedRevenueMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001016281csv:RecognizedRevenueMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001016281csv:RecognizedRevenueMembercsv:FinancingReceivables90to120DaysPastDueMember2023-06-300001016281csv:FinancingReceivablesGreaterThan120DaysPastDueMembercsv:RecognizedRevenueMember2023-06-300001016281csv:RecognizedRevenueMemberus-gaap:FinancialAssetPastDueMember2023-06-300001016281us-gaap:FinancialAssetNotPastDueMembercsv:RecognizedRevenueMember2023-06-300001016281csv:RecognizedRevenueMember2023-06-300001016281csv:DeferredRevenueMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001016281csv:DeferredRevenueMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001016281csv:DeferredRevenueMembercsv:FinancingReceivables90to120DaysPastDueMember2023-06-300001016281csv:DeferredRevenueMembercsv:FinancingReceivablesGreaterThan120DaysPastDueMember2023-06-300001016281csv:DeferredRevenueMemberus-gaap:FinancialAssetPastDueMember2023-06-300001016281csv:DeferredRevenueMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001016281csv:DeferredRevenueMember2023-06-300001016281us-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001016281us-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001016281csv:FinancingReceivables90to120DaysPastDueMember2023-06-300001016281csv:FinancingReceivablesGreaterThan120DaysPastDueMember2023-06-300001016281us-gaap:FinancialAssetPastDueMember2023-06-300001016281us-gaap:FinancialAssetNotPastDueMember2023-06-300001016281srt:MinimumMember2023-01-012023-06-300001016281us-gaap:RevolvingCreditFacilityMembercsv:CreditAgreement2018Member2023-06-300001016281us-gaap:NotesPayableOtherPayablesMembercsv:AcquisitionDebtMember2023-06-300001016281us-gaap:SeniorNotesMember2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMember2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMember2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281us-gaap:ForeignGovernmentDebtSecuritiesMembercsv:PreneedCemeteryTrustInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMembercsv:LimitedPartnershipFundMemberus-gaap:FairValueInputsLevel1Member2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:AccruedInvestmentIncomeMembercsv:PreneedCemeteryTrustInvestmentsMember2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281us-gaap:ForeignGovernmentDebtSecuritiesMembercsv:PreneedCemeteryTrustInvestmentsMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:AccruedInvestmentIncomeMembercsv:PreneedCemeteryTrustInvestmentsMember2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMembercsv:ForeignDebtSecuritiesMember2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:CorporateDebtSecuritiesMember2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMembercsv:PreferredStockSecuritiesMember2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:MortgageBackedSecuritiesMember2023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMembercsv:ForeignDebtSecuritiesMember2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMembercsv:PreferredStockSecuritiesMember2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:MortgageBackedSecuritiesMember2022-12-310001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:InterestIncomeMember2022-04-012022-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:InterestIncomeMember2023-04-012023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:InterestIncomeMember2022-01-012022-06-300001016281csv:PreneedCemeteryTrustInvestmentsMemberus-gaap:InterestIncomeMember2023-01-012023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMember2022-04-012022-06-300001016281csv:PreneedCemeteryTrustInvestmentsMember2023-04-012023-06-300001016281csv:PreneedCemeteryTrustInvestmentsMember2022-01-012022-06-300001016281csv:PreneedCemeteryTrustInvestmentsMember2023-01-012023-06-300001016281csv:PreneedFuneralTrustInvestmentsMember2022-12-310001016281csv:PreneedFuneralTrustInvestmentsMember2023-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2023-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-06-300001016281us-gaap:ForeignGovernmentDebtSecuritiesMembercsv:PreneedFuneralTrustInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2023-06-300001016281csv:LimitedPartnershipFundMembercsv:PreneedFuneralTrustInvestmentsMemberus-gaap:FairValueInputsLevel1Member2023-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281us-gaap:FixedIncomeSecuritiesMembercsv:PreneedFuneralTrustInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281us-gaap:OtherInvestmentsMembercsv:PreneedFuneralTrustInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:AccruedInvestmentIncomeMembercsv:PreneedFuneralTrustInvestmentsMember2023-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2022-12-310001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310001016281us-gaap:ForeignGovernmentDebtSecuritiesMembercsv:PreneedFuneralTrustInvestmentsMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2022-12-310001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310001016281us-gaap:FixedIncomeSecuritiesMembercsv:PreneedFuneralTrustInvestmentsMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281us-gaap:OtherInvestmentsMembercsv:PreneedFuneralTrustInvestmentsMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:AccruedInvestmentIncomeMembercsv:PreneedFuneralTrustInvestmentsMember2022-12-310001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:USTreasurySecuritiesMember2023-06-300001016281csv:PreneedFuneralTrustInvestmentsMembercsv:ForeignDebtSecuritiesMember2023-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:CorporateDebtSecuritiesMember2023-06-300001016281csv:PreferredStockSecuritiesMembercsv:PreneedFuneralTrustInvestmentsMember2023-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:USTreasurySecuritiesMember2022-12-310001016281csv:PreneedFuneralTrustInvestmentsMembercsv:ForeignDebtSecuritiesMember2022-12-310001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310001016281csv:PreferredStockSecuritiesMembercsv:PreneedFuneralTrustInvestmentsMember2022-12-310001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:InterestIncomeMember2022-04-012022-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:InterestIncomeMember2023-04-012023-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:InterestIncomeMember2022-01-012022-06-300001016281csv:PreneedFuneralTrustInvestmentsMemberus-gaap:InterestIncomeMember2023-01-012023-06-300001016281csv:PreneedFuneralTrustInvestmentsMember2022-04-012022-06-300001016281csv:PreneedFuneralTrustInvestmentsMember2023-04-012023-06-300001016281csv:PreneedFuneralTrustInvestmentsMember2022-01-012022-06-300001016281csv:PreneedFuneralTrustInvestmentsMember2023-01-012023-06-300001016281csv:PerpetualCareTrustInvesmentsMember2022-12-310001016281csv:PerpetualCareTrustInvesmentsMember2023-06-300001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2023-06-300001016281us-gaap:ForeignGovernmentDebtSecuritiesMembercsv:PerpetualCareTrustInvesmentsMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2023-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:LimitedPartnershipFundMemberus-gaap:FairValueInputsLevel1Member2023-06-300001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:OtherInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:AccruedInvestmentIncomeMember2023-06-300001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2022-12-310001016281us-gaap:ForeignGovernmentDebtSecuritiesMembercsv:PerpetualCareTrustInvesmentsMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2022-12-310001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:OtherInvestmentsMemberus-gaap:FairValueInputsLevel2Member2022-12-310001016281csv:PerpetualCareTrustInvesmentsMembercsv:AccruedInvestmentIncomeMember2022-12-310001016281csv:PerpetualCareTrustInvesmentsMembercsv:ForeignDebtSecuritiesMember2023-06-300001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:CorporateDebtSecuritiesMember2023-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:PreferredStockSecuritiesMember2023-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:ForeignDebtSecuritiesMember2022-12-310001016281csv:PerpetualCareTrustInvesmentsMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310001016281csv:PerpetualCareTrustInvesmentsMembercsv:PreferredStockSecuritiesMember2022-12-310001016281csv:PerpetualCareTrustInvesmentsMember2022-04-012022-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:InterestExpenseNetofOtherIncomeMember2023-04-012023-06-300001016281csv:PerpetualCareTrustInvesmentsMember2022-01-012022-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:InterestExpenseNetofOtherIncomeMember2023-01-012023-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:InterestExpenseNetofOtherIncomeMember2022-04-012022-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:InterestExpenseNetofOtherIncomeMember2022-01-012022-06-300001016281csv:PerpetualCareTrustInvesmentsMember2023-01-012023-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:OtherRevenueMember2022-04-012022-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:OtherRevenueMember2023-04-012023-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:OtherRevenueMember2022-01-012022-06-300001016281csv:PerpetualCareTrustInvesmentsMembercsv:OtherRevenueMember2023-01-012023-06-300001016281csv:PerpetualCareTrustInvesmentsMember2023-04-012023-06-300001016281us-gaap:CashAndCashEquivalentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001016281us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMember2023-06-300001016281us-gaap:FixedIncomeInvestmentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001016281us-gaap:FixedIncomeInvestmentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001016281csv:MutualFundsAndCommonStocksMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001016281us-gaap:EstimateOfFairValueFairValueDisclosureMembercsv:MutualFundsAndCommonStocksMember2023-06-300001016281csv:AnnuitiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001016281csv:AnnuitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001016281us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001016281us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001016281us-gaap:CashAndCashEquivalentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001016281us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMember2022-12-310001016281us-gaap:FixedIncomeInvestmentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001016281us-gaap:FixedIncomeInvestmentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001016281csv:MutualFundsAndCommonStocksMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001016281us-gaap:EstimateOfFairValueFairValueDisclosureMembercsv:MutualFundsAndCommonStocksMember2022-12-310001016281csv:AnnuitiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001016281csv:AnnuitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001016281us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001016281us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001016281us-gaap:TradeNamesMember2022-12-310001016281us-gaap:TradeNamesMember2023-06-300001016281csv:CommissionsMember2022-12-310001016281csv:CommissionsMember2023-06-300001016281us-gaap:NoncompeteAgreementsMember2022-12-310001016281us-gaap:NoncompeteAgreementsMember2023-06-300001016281us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2022-12-310001016281us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-06-300001016281us-gaap:TradeNamesMember2023-01-012023-06-300001016281us-gaap:TradeNamesMembercsv:FuneralMember2023-01-012023-06-300001016281us-gaap:TradeNamesMembercsv:CemeteryMember2023-01-012023-06-300001016281us-gaap:NoncompeteAgreementsMembersrt:MinimumMember2023-01-012023-06-300001016281us-gaap:NoncompeteAgreementsMembersrt:MaximumMember2023-01-012023-06-300001016281us-gaap:NoncompeteAgreementsMember2022-04-012022-06-300001016281us-gaap:NoncompeteAgreementsMember2023-04-012023-06-300001016281us-gaap:NoncompeteAgreementsMember2022-01-012022-06-300001016281us-gaap:NoncompeteAgreementsMember2023-01-012023-06-300001016281srt:MinimumMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-06-300001016281srt:MaximumMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-06-300001016281us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2022-04-012022-06-300001016281us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-04-012023-06-300001016281us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2022-01-012022-06-300001016281us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-01-012023-06-300001016281csv:TermLoanMember2023-06-300001016281us-gaap:LetterOfCreditMember2023-06-300001016281csv:SwinglineMember2023-06-300001016281csv:RatioActualMember2023-06-300001016281us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembercsv:RevolvingCreditFacilitySecuredFloatingRateMembercsv:RatioActualMember2023-06-300001016281us-gaap:RevolvingCreditFacilityMembercsv:CreditAgreement2018Member2022-12-310001016281us-gaap:RevolvingCreditFacilityMembercsv:CreditAgreementMember2022-12-310001016281us-gaap:RevolvingCreditFacilityMembercsv:CreditAgreementMember2023-06-300001016281csv:TermLoanMembercsv:CreditAgreementMember2022-12-310001016281csv:TermLoanMembercsv:CreditAgreementMember2023-06-300001016281us-gaap:NotesPayableOtherPayablesMembercsv:AcquisitionDebtDeferredPurchasePriceMember2022-12-310001016281us-gaap:NotesPayableOtherPayablesMembercsv:AcquisitionDebtDeferredPurchasePriceMember2023-06-3000010162812020-09-292020-09-290001016281us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembercsv:RevolvingCreditFacilitySecuredFloatingRateMember2023-06-300001016281us-gaap:LineOfCreditMembercsv:PrimeRateOptionMember2023-01-012023-06-300001016281us-gaap:LineOfCreditMembercsv:LiborMarginOptionMember2023-01-012023-06-300001016281us-gaap:RevolvingCreditFacilityMembercsv:RevolvingCreditFacilitySecuredFloatingRateMembercsv:CreditAgreementMember2022-04-012022-06-300001016281us-gaap:RevolvingCreditFacilityMembercsv:RevolvingCreditFacilitySecuredFloatingRateMembercsv:CreditAgreementMember2023-04-012023-06-300001016281us-gaap:RevolvingCreditFacilityMembercsv:RevolvingCreditFacilitySecuredFloatingRateMembercsv:CreditAgreementMember2022-01-012022-06-300001016281us-gaap:RevolvingCreditFacilityMembercsv:RevolvingCreditFacilitySecuredFloatingRateMembercsv:CreditAgreementMember2023-01-012023-06-300001016281csv:CreditAgreementMember2022-04-012022-06-300001016281csv:CreditAgreementMember2023-04-012023-06-300001016281csv:CreditAgreementMember2022-01-012022-06-300001016281csv:CreditAgreementMember2023-01-012023-06-300001016281us-gaap:LineOfCreditMember2022-04-012022-06-300001016281us-gaap:LineOfCreditMember2023-04-012023-06-300001016281us-gaap:RevolvingCreditFacilityMembercsv:CreditAgreement2018Member2022-01-012022-06-300001016281us-gaap:RevolvingCreditFacilityMembercsv:CreditAgreement2018Member2023-01-012023-06-300001016281srt:MinimumMembercsv:DeferredPurchasePriceNotesMember2023-06-300001016281srt:MaximumMembercsv:DeferredPurchasePriceNotesMember2023-06-300001016281srt:MinimumMembercsv:DeferredPurchasePriceNotesMember2023-04-012023-06-300001016281srt:MaximumMembercsv:DeferredPurchasePriceNotesMember2023-04-012023-06-300001016281us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-04-012022-06-300001016281us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2023-04-012023-06-300001016281us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-01-012022-06-300001016281us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2023-01-012023-06-300001016281csv:SeniorNoteTwoMembercsv:SeniorNotes425Member2023-06-300001016281csv:SeniorNotesDue2026Memberus-gaap:SeniorNotesMember2022-12-310001016281us-gaap:SeniorNotesMember2022-12-310001016281us-gaap:SeniorNotesMember2022-04-012022-06-300001016281us-gaap:SeniorNotesMember2023-04-012023-06-300001016281us-gaap:SeniorNotesMember2022-01-012022-06-300001016281us-gaap:SeniorNotesMember2023-01-012023-06-300001016281csv:SeniorNotes425Member2023-01-012023-06-300001016281csv:SeniorNoteOneMemberus-gaap:SeniorNotesMember2023-01-012023-06-300001016281csv:SeniorNoteTwoMemberus-gaap:SeniorNotesMember2023-01-012023-06-300001016281us-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300001016281us-gaap:RestrictedStockUnitsRSUMember2023-04-012023-06-300001016281us-gaap:CommonStockMember2022-01-012022-06-300001016281us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-06-300001016281us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001016281us-gaap:RestrictedStockMember2022-04-012022-06-300001016281us-gaap:RestrictedStockMember2023-04-012023-06-300001016281us-gaap:RestrictedStockMember2022-01-012022-06-300001016281us-gaap:RestrictedStockMember2023-01-012023-06-300001016281us-gaap:EmployeeStockOptionMembercsv:BlackScholesMembercsv:FiveYearVestingPeriodMember2022-04-012022-06-300001016281us-gaap:EmployeeStockOptionMembercsv:BlackScholesMembercsv:FiveYearVestingPeriodMember2023-04-012023-06-300001016281csv:BlackScholesMemberus-gaap:EmployeeStockOptionMember2022-01-012022-06-300001016281csv:BlackScholesMemberus-gaap:EmployeeStockOptionMember2023-01-012023-06-300001016281us-gaap:EmployeeStockOptionMembercsv:BlackScholesMembercsv:SevenYearVestingPeriodMember2022-04-012022-06-300001016281us-gaap:EmployeeStockOptionMembercsv:BlackScholesMembercsv:SevenYearVestingPeriodMember2023-04-012023-06-300001016281us-gaap:EmployeeStockOptionMembercsv:BlackScholesMembercsv:SevenYearVestingPeriodMember2022-01-012022-06-300001016281us-gaap:EmployeeStockOptionMembercsv:BlackScholesMembercsv:SevenYearVestingPeriodMember2023-01-012023-06-300001016281csv:BlackScholesMemberus-gaap:EmployeeStockOptionMember2022-04-012022-06-300001016281csv:BlackScholesMemberus-gaap:EmployeeStockOptionMember2023-04-012023-06-300001016281us-gaap:EmployeeStockOptionMembercsv:MonteCarloPricingModelMember2023-01-012023-06-300001016281us-gaap:EmployeeStockOptionMember2023-01-012023-06-300001016281us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001016281us-gaap:EmployeeStockOptionMember2023-04-012023-06-300001016281us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001016281us-gaap:PerformanceSharesMember2022-04-012022-06-300001016281us-gaap:PerformanceSharesMember2023-04-012023-06-300001016281us-gaap:PerformanceSharesMember2022-01-012022-06-300001016281us-gaap:PerformanceSharesMember2023-01-012023-06-300001016281csv:OfficersAndKeyEmployeesMember2022-04-012022-06-300001016281csv:OfficersAndKeyEmployeesMember2023-04-012023-06-300001016281csv:OfficersAndKeyEmployeesMember2022-01-012022-06-300001016281csv:OfficersAndKeyEmployeesMember2023-01-012023-06-300001016281csv:EmployeeStockPurchasePlanMember2023-01-012023-06-300001016281csv:EmployeeStockPurchasePlanMember2022-10-012022-12-310001016281csv:EmployeeStockPurchasePlanMember2023-01-012023-03-310001016281csv:EmployeeStockPurchasePlanMember2023-04-012023-06-300001016281csv:EmployeeStockPurchasePlanMembersrt:ScenarioForecastMember2023-07-012023-09-300001016281csv:EmployeeStockPurchasePlanMember2022-04-012022-06-300001016281csv:EmployeeStockPurchasePlanMember2022-01-012022-06-300001016281us-gaap:CommonStockMember2022-04-012022-06-300001016281us-gaap:CommonStockMember2023-04-012023-06-300001016281us-gaap:CommonStockMember2023-01-012023-06-300001016281csv:GoodToGreatAwardsMember2023-01-012023-06-300001016281csv:GoodToGreatAwardsMember2021-04-162021-04-160001016281csv:GoodToGreatAwardsMember2022-01-012022-06-300001016281csv:GoodToGreatAwardsMember2022-02-192022-02-190001016281csv:AdvsiorMember2022-04-012022-06-300001016281csv:AdvsiorMember2023-04-012023-06-300001016281csv:AdvsiorMember2022-01-012022-06-300001016281csv:AdvsiorMember2023-01-012023-06-300001016281srt:DirectorMember2023-06-212023-06-2100010162812023-03-012023-03-0100010162812023-06-012023-06-0100010162812022-03-012022-03-0100010162812022-06-032022-06-030001016281us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001016281us-gaap:EmployeeStockOptionMember2023-04-012023-06-300001016281us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001016281us-gaap:EmployeeStockOptionMember2023-01-012023-06-300001016281us-gaap:PerformanceSharesMember2022-04-012022-06-300001016281us-gaap:PerformanceSharesMember2023-04-012023-06-300001016281us-gaap:PerformanceSharesMember2022-01-012022-06-300001016281us-gaap:PerformanceSharesMember2023-01-012023-06-300001016281csv:FuneralMembercsv:FuneralAndCemeteryServicesMember2023-04-012023-06-300001016281csv:CemeteryMembercsv:FuneralAndCemeteryServicesMember2023-04-012023-06-300001016281csv:FuneralAndCemeteryServicesMember2023-04-012023-06-300001016281csv:MerchandiseMembercsv:FuneralMember2023-04-012023-06-300001016281csv:MerchandiseMembercsv:CemeteryMember2023-04-012023-06-300001016281csv:MerchandiseMember2023-04-012023-06-300001016281csv:FuneralMembercsv:CemeteryIntermentRightsMember2023-04-012023-06-300001016281csv:CemeteryMembercsv:CemeteryIntermentRightsMember2023-04-012023-06-300001016281csv:CemeteryIntermentRightsMember2023-04-012023-06-300001016281csv:OtherRevenueMembercsv:FuneralMember2023-04-012023-06-300001016281csv:CemeteryMembercsv:OtherRevenueMember2023-04-012023-06-300001016281csv:FuneralMember2023-04-012023-06-300001016281csv:CemeteryMember2023-04-012023-06-300001016281csv:FuneralMembercsv:FuneralAndCemeteryServicesMember2022-04-012022-06-300001016281csv:CemeteryMembercsv:FuneralAndCemeteryServicesMember2022-04-012022-06-300001016281csv:FuneralAndCemeteryServicesMember2022-04-012022-06-300001016281csv:MerchandiseMembercsv:FuneralMember2022-04-012022-06-300001016281csv:MerchandiseMembercsv:CemeteryMember2022-04-012022-06-300001016281csv:MerchandiseMember2022-04-012022-06-300001016281csv:FuneralMembercsv:CemeteryIntermentRightsMember2022-04-012022-06-300001016281csv:CemeteryMembercsv:CemeteryIntermentRightsMember2022-04-012022-06-300001016281csv:CemeteryIntermentRightsMember2022-04-012022-06-300001016281csv:OtherRevenueMembercsv:FuneralMember2022-04-012022-06-300001016281csv:CemeteryMembercsv:OtherRevenueMember2022-04-012022-06-300001016281csv:FuneralMember2022-04-012022-06-300001016281csv:CemeteryMember2022-04-012022-06-300001016281csv:FuneralMembercsv:FuneralAndCemeteryServicesMember2023-01-012023-06-300001016281csv:CemeteryMembercsv:FuneralAndCemeteryServicesMember2023-01-012023-06-300001016281csv:FuneralAndCemeteryServicesMember2023-01-012023-06-300001016281csv:MerchandiseMembercsv:FuneralMember2023-01-012023-06-300001016281csv:MerchandiseMembercsv:CemeteryMember2023-01-012023-06-300001016281csv:MerchandiseMember2023-01-012023-06-300001016281csv:FuneralMembercsv:CemeteryIntermentRightsMember2023-01-012023-06-300001016281csv:CemeteryMembercsv:CemeteryIntermentRightsMember2023-01-012023-06-300001016281csv:CemeteryIntermentRightsMember2023-01-012023-06-300001016281csv:OtherRevenueMembercsv:FuneralMember2023-01-012023-06-300001016281csv:CemeteryMembercsv:OtherRevenueMember2023-01-012023-06-300001016281csv:FuneralMembercsv:FuneralAndCemeteryServicesMember2022-01-012022-06-300001016281csv:CemeteryMembercsv:FuneralAndCemeteryServicesMember2022-01-012022-06-300001016281csv:FuneralAndCemeteryServicesMember2022-01-012022-06-300001016281csv:MerchandiseMembercsv:FuneralMember2022-01-012022-06-300001016281csv:MerchandiseMembercsv:CemeteryMember2022-01-012022-06-300001016281csv:MerchandiseMember2022-01-012022-06-300001016281csv:FuneralMembercsv:CemeteryIntermentRightsMember2022-01-012022-06-300001016281csv:CemeteryMembercsv:CemeteryIntermentRightsMember2022-01-012022-06-300001016281csv:CemeteryIntermentRightsMember2022-01-012022-06-300001016281csv:OtherRevenueMembercsv:FuneralMember2022-01-012022-06-300001016281csv:CemeteryMembercsv:OtherRevenueMember2022-01-012022-06-300001016281csv:CemeteryMember2022-01-012022-06-300001016281us-gaap:CorporateMember2023-04-012023-06-300001016281us-gaap:CorporateMember2022-04-012022-06-300001016281us-gaap:CorporateMember2023-01-012023-06-300001016281us-gaap:CorporateMember2022-01-012022-06-300001016281us-gaap:DomesticCountryMember2022-12-310001016281us-gaap:DomesticCountryMember2023-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
                      FORM 10-Q
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from ___________  to   ____________        
                         Commission File Number:1-11961
CARRIAGE SERVICES, INC.
(Exact name of registrant as specified in its charter)
Delaware76-0423828
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3040 Post Oak Boulevard, Suite 300
Houston, Texas, 77056
(Address of principal executive offices)
(713) 332-8400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $.01 per shareCSVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The number of shares of the registrant’s Common Stock, $.01 par value per share, outstanding as of August 1, 2023 was 14,965,754.






CARRIAGE SERVICES, INC.
INDEX
 
Page
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
- 2 -


PART I – FINANCIAL INFORMATION
Item 1.Financial Statements.
CARRIAGE SERVICES, INC.
CONSOLIDATED BALANCE SHEET
(unaudited and in thousands, except share data)
December 31, 2022June 30, 2023
ASSETS
Current assets:
Cash and cash equivalents$1,170 $970 
Accounts receivable, net24,458 24,639 
Inventories7,613 8,448 
Prepaid and other current assets4,733 3,610 
Total current assets37,974 37,667 
Preneed cemetery trust investments95,065 89,874 
Preneed funeral trust investments104,553 103,317 
Preneed cemetery receivables, net26,672 33,274 
Receivables from preneed funeral trusts, net19,976 21,080 
Property, plant and equipment, net278,106 287,582 
Cemetery property, net 104,170 112,830 
Goodwill410,137 423,643 
Intangible and other non-current assets, net32,930 37,333 
Operating lease right-of-use assets17,060 17,123 
Cemetery perpetual care trust investments66,307 78,363 
Total assets$1,192,950 $1,242,086 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of debt and lease obligations$3,172 $3,568 
Accounts payable11,675 9,402 
Accrued and other liabilities30,621 29,564 
Total current liabilities45,468 42,534 
Acquisition debt, net of current portion3,438 3,370 
Credit facility188,836 202,418 
Senior notes395,243 395,571 
Obligations under finance leases, net of current portion4,743 4,537 
Obligations under operating leases, net of current portion17,315 16,860 
Deferred preneed cemetery revenue51,746 59,941 
Deferred preneed funeral revenue32,029 39,782 
Deferred tax liability48,820 48,827 
Other long-term liabilities3,065 1,299 
Deferred preneed cemetery receipts held in trust95,065 89,874 
Deferred preneed funeral receipts held in trust104,553 103,317 
Care trusts’ corpus65,495 77,589 
Total liabilities1,055,816 1,085,919 
Commitments and contingencies:
Stockholders’ equity:
Common stock, $0.01 par value; 80,000,000 shares authorized and 26,359,876 and 26,585,341 shares issued, respectively and 14,732,058 and 14,957,523 shares outstanding, respectively
264 266 
Additional paid-in capital238,780 240,681 
Retained earnings176,843 193,973 
Treasury stock, at cost; 11,627,818 shares
(278,753)(278,753)
Total stockholders’ equity137,134 156,167 
Total liabilities and stockholders’ equity$1,192,950 $1,242,086 
The accompanying condensed notes are an integral part of these Consolidated Financial Statements.
- 3 -


CARRIAGE SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share data)
Three months ended June 30,Six months ended June 30,
2022202320222023
Revenue:
Service revenue$42,550 $44,522 $92,287 $92,729 
Property and merchandise revenue41,276 45,630 82,888 85,641 
Other revenue6,774 7,526 13,586 14,822 
90,600 97,678 188,761 193,192 
Field costs and expenses:
Cost of service21,389 23,075 43,488 46,552 
Cost of merchandise29,306 32,219 58,636 61,953 
Cemetery property amortization1,704 1,892 3,036 3,093 
Field depreciation expense3,253 3,555 6,550 6,912 
Regional and unallocated funeral and cemetery costs5,966 4,131 12,313 9,568 
Other expenses1,270 1,604 2,548 2,857 
62,888 66,476 126,571 130,935 
Gross profit27,712 31,202 62,190 62,257 
Corporate costs and expenses:
General, administrative and other9,180 10,199 17,740 20,379 
Net (gain) loss on divestitures, disposals and impairments charges(1,193)265 (426)506 
Operating income19,725 20,738 44,876 41,372 
Interest expense5,988 9,396 11,530 17,935 
Net (gain) loss on property damage, net of insurance claims(1,376)(235)(3,275)36 
Other, net (7)(125)17 (647)
Income before income taxes15,120 11,702 36,604 24,048 
Expense for income taxes4,234 3,273 9,938 6,841 
Tax adjustment related to discrete items(13)143 (635)77 
Total expense for income taxes4,221 3,416 9,303 6,918 
Net income$10,899 $8,286 $27,301 $17,130 
Basic earnings per common share:$0.74 $0.55 $1.82 $1.14 
Diluted earnings per common share:$0.69 $0.53 $1.70 $1.10 
Dividends declared per common share:$0.1125 $0.1125 $0.2250 $0.2250 
Weighted average number of common and common equivalent shares outstanding:
Basic14,798 14,793 15,020 14,776 
Diluted15,712 15,454 16,033 15,461 
The accompanying condensed notes are an integral part of these Consolidated Financial Statements.
- 4 -


CARRIAGE SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Six months ended June 30,
 20222023
Cash flows from operating activities:
Net income$27,301 $17,130 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization9,895 10,437 
Provision for credit losses1,657 1,344 
Stock-based compensation expense3,085 4,163 
Deferred income tax expense 1,711 7 
Amortization of intangibles634 647 
Amortization of debt issuance costs253 349 
Amortization and accretion of debt 243 255 
Net (gain) loss on divestitures, disposals and impairment charges(426)506 
Net (gain) loss on property damage, net of insurance claims(3,275)36 
Gain on sale of real property (658)
Other(6) 
Changes in operating assets and liabilities that provided (used) cash:
Accounts and preneed receivables(3,200)(1,694)
Inventories, prepaid and other current assets2,967 1,011 
Intangible and other non-current assets(747)(1,767)
Preneed funeral and cemetery trust investments(11,100)5,341 
Accounts payable(2,712)(2,272)
Accrued and other liabilities(10,242)(3,328)
Incentive payment from vendor 6,000 
Deferred preneed funeral and cemetery revenue2,633 8,106 
Deferred preneed funeral and cemetery receipts held in trust11,506 (6,426)
Net cash provided by operating activities30,177 39,187 
Cash flows from investing activities:
Acquisitions of businesses and real property(2,601)(44,000)
Proceeds from divestitures and sale of other assets3,720 1,973 
Proceeds from insurance claims2,167 1,092 
Capital expenditures(13,468)(8,960)
Net cash used in investing activities(10,182)(49,895)
Cash flows from financing activities:
Borrowings from the credit facility97,900 64,700 
Payments against the credit facility(78,100)(51,400)
Payment of debt issuance costs for the credit facility and senior notes(339) 
Payments on acquisition debt and obligations under finance leases(202)(256)
Proceeds from the exercise of stock options and employee stock purchase plan contributions1,060 923 
Taxes paid on restricted stock vestings and exercise of stock options(286)(119)
Dividends paid on common stock(3,455)(3,340)
Purchase of treasury stock(36,663) 
Net cash provided by (used in) financing activities(20,085)10,508 
Net decrease in cash and cash equivalents(90)(200)
Cash and cash equivalents at beginning of period1,148 1,170 
Cash and cash equivalents at end of period$1,058 $970 
The accompanying condensed notes are an integral part of these Consolidated Financial Statements.
- 5 -


CARRIAGE SERVICES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited and in thousands)
Three months ended June 30, 2022
Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Total
Balance – March 31, 202214,889 $263 $238,423 $151,864 $(270,529)$120,021 
Net income— — — 10,899 — 10,899 
Issuance of common stock from employee stock purchase plan12 — 398 — — 398 
Issuance of common stock to directors and board advisor2 — 99 — — 99 
Cancellation and surrender of restricted stock — 2 — — 2 
Stock-based compensation expense— — 1,379 — — 1,379 
Dividends on common stock— — (1,730)— — (1,730)
Treasury stock acquired(205)— — — (8,224)(8,224)
Balance – June 30, 202214,698 $263 $238,571 $162,763 $(278,753)$122,844 

Three months ended June 30, 2023
Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Total
Balance – March 31, 202314,935 $266 $239,962 $185,687 $(278,753)$147,162 
Net income— — — 8,286 — 8,286 
Issuance of common stock from employee stock purchase plan16 — 397 — — 397 
Issuance of common stock to directors and board advisor2 — 65 — — 65 
Exercise of stock options4 — (20)— — (20)
Cancellation and surrender of common and restricted stock1 — (1)— — (1)
Stock-based compensation expense— — 1,957 — — 1,957 
Dividends on common stock— — (1,679)— — (1,679)
Balance – June 30, 202314,958 $266 $240,681 $193,973 $(278,753)$156,167 


- 6 -


Six months ended June 30, 2022
Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Total
Balance – December 31, 202115,332 $263 $236,809 $135,462 $(244,519)$128,015 
Net income— — — 27,301 — 27,301 
Issuance of common stock from employee stock purchase plan25  1,001 — — 1,001 
Issuance of common stock to directors and board advisor5 — 246 — — 246 
Exercise of stock options9 — (22)— — (22)
Cancellation and surrender of restricted stock(5)— (205)— — (205)
Stock-based compensation expense— — 2,839 — — 2,839 
Dividends on common stock— — (3,455)— — (3,455)
Treasury stock acquired(695)— — — (34,234)(34,234)
Other27 — 1,358 — — 1,358 
Balance – June 30, 202214,698 $263 $238,571 $162,763 $(278,753)$122,844 

Six months ended June 30, 2023
Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Total
Balance – December 31, 202214,732 $264 $238,780 $176,843 $(278,753)$137,134 
Net income— — — 17,130 — 17,130 
Issuance of common stock from employee stock purchase plan38 — 923 — — 923 
Issuance of common stock to directors and board advisor6 — 177 — — 177 
Issuance of common stock to former executive30 — 826 — — 826 
Issuance of restricted stock142 2 (2)— — — 
Exercise of stock options5 — (41)— — (41)
Cancellation and surrender of common and restricted stock(3)— (78)— — (78)
Stock-based compensation expense— — 3,160 — — 3,160 
Dividends on common stock— — (3,340)— — (3,340)
Other8 — 276 — — 276 
Balance – June 30, 202314,958 $266 $240,681 $193,973 $(278,753)$156,167 
The accompanying condensed notes are an integral part of these Consolidated Financial Statements.









- 7 -


CARRIAGE SERVICES, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1.BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company
Carriage Services, Inc. (“Carriage,” the “Company,” “we,” “us,” or “our”) is a leading provider of funeral and cemetery services and merchandise in the United States. Our operations are reported in two business segments: Funeral Home operations, which currently accounts for approximately 70% of our total revenue and Cemetery operations, which currently accounts for approximately 30% of our total revenue. At June 30, 2023, we operated 172 funeral homes in 26 states and 32 cemeteries in 11 states.
Our funeral home operations are principally service businesses that generate revenue from sales of burial and cremation services and related merchandise, such as caskets and urns. Funeral services include consultation, the removal and preparation of remains, the sale of caskets and related funeral merchandise, the use of funeral home facilities for visitation and memorial services and transportation services. We provide funeral services and products on both an “atneed” (time of death) and “preneed” (planned prior to death) basis.
Our cemetery operations generate revenue primarily through sales of cemetery interment rights (primarily grave sites, lawn crypts, mausoleum spaces and niches), related cemetery merchandise (such as memorial markers, outer burial containers and monuments) and services (interments, inurnments and installation of cemetery merchandise). We provide cemetery services and products on both an atneed and preneed basis.
Principles of Consolidation and Interim Condensed Disclosures
Our unaudited consolidated financial statements include the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. Our interim consolidated financial statements are unaudited but include all adjustments, which consist of normal, recurring accruals, that are necessary for a fair presentation of our financial position and results of operations as of and for the interim periods presented.
There have been no material changes in our accounting policies previously disclosed in Part II, Item 8 “Financial Statements and Supplementary Data” in Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2022. In addition, our unaudited consolidated financial statements have been prepared in a manner consistent with the accounting principles described in our Annual Report on Form 10-K for the year ended December 31, 2022 unless otherwise disclosed herein, and should be read in conjunction therewith.
Use of Estimates
The preparation of our Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses. On an ongoing basis, we evaluate our critical estimates and judgments, which include those related to the impairment of goodwill and the fair value measurements used in business combinations. These policies are considered critical because they may result in fluctuations in our reported results from period to period due to the significant judgments, estimates and assumptions about complex and inherently uncertain matters and because the use of different judgments, assumptions or estimates could have a material impact on our financial condition or results of operations. Actual results may differ from these estimates and such estimates may change if the underlying conditions or assumptions change. Historical performance should not be viewed as indicative of future performance because there can be no assurance the margins, operating income and net earnings, as a percentage of revenue, will be consistent from period to period.
Cash and Cash Equivalents
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Inventory
Inventory consists primarily of caskets, outer burial containers and cemetery monuments and markers and is recorded at the lower of its cost basis or net realizable value. Inventory is relieved using specific identification in fulfillment of performance obligations on our contracts.
- 8 -


Held for Sale
At June 30, 2023, we had $0.3 million of assets classified as held for sale in Property, plant and equipment, net on our Consolidated Balance Sheet related to one funeral home that we divested on July 12, 2023. The carrying value of these assets held for sale exceeded their fair value and in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), we recognized an impairment of $0.2 million for assets related to property, plant and equipment, which was recorded in Net (gain) loss on divestitures, disposals and impairment charges on our Consolidated Statements of Operations.
Deferred Revenue
During the six months ended June 30, 2023, we withdrew $8.6 million of realized capital gains and earnings from our preneed funeral and cemetery trust investments. In certain states, we are allowed to make these withdrawals prior to the delivery of preneed merchandise and service contracts. The realized capital gains and earnings withdrawn increase our cash flow from operations, but are not recognized as revenue in our Consolidated Statements of Operations, however, they reduce our Preneed funeral trust investments and Preneed cemetery trust investments and increase our Deferred preneed funeral revenue and Deferred preneed cemetery revenue.
Additionally, during the three and six months ended June 30, 2023, we received a $6.0 million incentive payment from a vendor for entering into a strategic partnership agreement to market and sell prearranged funeral services in the future, which increased our cash flow from operations and Deferred preneed funeral revenue. The incentive payment will be deferred until we complete our implementation of the program and begin selling prearranged funeral services.
Property, Plant and Equipment
Property, plant and equipment is comprised of the following (in thousands):
December 31, 2022June 30, 2023
Land$84,405 $85,717 
Buildings and improvements251,778 261,514 
Furniture, equipment and automobiles70,522 75,025 
Property, plant and equipment, at cost406,705 422,256 
Less: accumulated depreciation(128,599)(134,674)
Property, plant and equipment, net$278,106 $287,582 
During the six months ended June 30, 2023, we acquired $12.8 million of property, plant and equipment related to our 2023 business combination, described in Note 3 to the Consolidated Financial Statements. Additionally, we sold real property for $1.2 million, with a carrying value of $0.6 million, resulting in a gain on the sale of $0.6 million, which was recorded in Net (gain) loss on divestitures, disposals and impairment charges on our Consolidated Statements of Operations.
During the six months ended June 30, 2022, we acquired real property for $2.6 million. Additionally, we sold real property for $2.7 million, with a carrying value of $1.4 million, resulting in a gain on the sale of $1.3 million.We also divested two funeral homes that had a carrying value of property, plant and equipment of $0.7 million, which was included in the loss on the sale of divestitures and recorded in Net (gain) loss on divestitures, disposals and impairment charges.
Our growth and maintenance capital expenditures totaled $5.2 million and $2.6 million for the three months ended June 30, 2022 and 2023, respectively and $9.8 million and $5.5 million for the six months ended June 30, 2022 and 2023, respectively, for property, plant and equipment. In addition, we recorded depreciation expense of $3.4 million and $3.7 million for the three months ended June 30, 2022 and 2023, respectively and $6.7 million and $7.2 million for the six months ended June 30, 2022 and 2023, respectively.
Cemetery Property
Cemetery property was $104.2 million and $112.8 million, net of accumulated amortization of $59.0 million and $61.7 million at December 31, 2022 and June 30, 2023, respectively. When cemetery property is sold, the value of the cemetery property (interment right costs) is expensed as amortization using the specific identification method in the period in which the sale of the interment right is recognized as revenue. Our growth capital expenditures for cemetery property development totaled $1.4 million for both the three months ended June 30, 2022 and 2023 and $3.7 million and $3.5 million for the six months ended June 30, 2022 and 2023, respectively. We recorded amortization expense for cemetery interment rights of $1.7 million and $1.9 million for the three months ended June 30, 2022 and 2023, respectively and $3.0 million and $3.1 million for the six months ended June 30, 2022 and 2023, respectively.
During the six months ended June 30, 2023, we acquired cemetery property for $9.0 million related to our 2023 business combination, described in Note 3 to the Consolidated Financial Statements. We also divested two cemeteries that had a carrying
- 9 -


value of cemetery property of $0.8 million, which was included in the loss on the sale of divestitures and recorded in Net (gain) loss on divestitures, disposals and impairment charges on our Consolidated Statements of Operations.
Income Taxes
Income tax expense was $4.2 million and $3.4 million for the three months ended June 30, 2022 and 2023, respectively and $9.3 million and $6.9 million for the six months ended June 30, 2022 and 2023, respectively. Our operating tax rate before discrete items was 28.0% for both the three months ended June 30, 2022 and 2023 and 27.2% and 28.5% for the six months ended June 30, 2022 and 2023, respectively.
Subsequent Events
We have evaluated events and transactions during the period subsequent to June 30, 2023 through the date the financial statements were issued for potential recognition or disclosure in the accompanying financial statements covered by this report.
2.RECENTLY ISSUED ACCOUNTING STANDARDS
Credit Losses - Vintage Disclosures
In March 2022, the FASB issued ASU, Financial Instruments - Credit Losses (“Topic 326”) to make the requirement to disclose gross write-offs by class of financing receivable and major security type consistent for all public business entities. The amendment in this update provides specific guidance on the disclosure for current period write-offs by year of origination for financing receivables. This amendment is effective for fiscal years beginning after December 15, 2022, and therefore was effective for us beginning January 1, 2023. Our adoption of these amendments had no impact on our consolidated financial statements.
3. BUSINESS COMBINATIONS
Tangible and intangible assets acquired and liabilities assumed are recorded at fair value and goodwill is recognized for any difference between the price of the acquisition and fair value. We recognize the assets acquired, the liabilities assumed and any non-controlling interest in the acquiree at the acquisition date, measured at the fair value as of that date. Acquisition related costs are recognized separately from the acquisition and are expensed as incurred. We customarily estimate related transaction costs known at closing. To the extent that information not available to us at the closing date subsequently becomes available during the measurement period, we may adjust goodwill, intangible assets, assets or liabilities associated with the acquisition.
On March 22, 2023, we acquired a business consisting of three funeral homes, two cemeteries and one cremation focused business in the Bakersfield, California area for $44.0 million in cash. We acquired substantially all of the assets and assumed certain operating liabilities of this business.
The pro forma impact of this acquisition on prior periods is not presented, as the impact is not significant to our reported results. The results of the acquired business are reflected in our Consolidated Statements of Operations from the date of acquisition.
The measurement period to determine the fair values of acquired identifiable assets and assumed liabilities will end at the earlier of 12 months from the date of the acquisition or as soon as we receive the information we are seeking about facts and circumstances that existed as of the acquisition date. Subsequent to our initial purchase price allocation for this acquisition made during the first quarter of 2023, we have adjusted our purchase price allocation based on additional information which became available prior to June 30, 2023. Provisional estimates for cemetery property have been recorded for the acquisition as our valuation has not been finalized at June 30, 2023.
- 10 -


The following table summarizes the breakdown of the purchase price allocation for our 2023 acquisition (in thousands):
Initial Purchase Price AllocationAdjustmentsAdjusted Purchase Price Allocation
Current assets$7,087 $131 $7,218 
Preneed trust assets 11,428 11,428 
Property, plant & equipment12,577 245 12,822 
Cemetery property9,035 — 9,035 
Goodwill13,612 (106)13,506 
Intangible and other non-current assets3,763 — 3,763 
Assumed liabilities(300)(66)(366)
Preneed trust liabilities (11,428)(11,428)
Deferred revenue(1,774)(204)(1,978)
Purchase price$44,000 $ $44,000 
The current assets relate to accounts receivable and inventory. The intangible and other non-current assets relate to the fair value of tradenames and right-of-use operating lease assets. The assumed liabilities relate to operating lease obligations and commissions payable.
The following table summarizes the fair value of the assets acquired and liabilities assumed for this business (in thousands):
Acquisition DateType of BusinessMarketAssets Acquired (Excluding
Goodwill)
Goodwill
Recorded
Liabilities
and Debt
Assumed
March 22, 2023Three Funeral Homes, Two Cemeteries and One Cremation Focused BusinessBakersfield, CA$44,266 $13,506 $(13,772)
We did not acquire any businesses during the six months ended June 30, 2022.
4.GOODWILL
The following table presents changes in goodwill in the accompanying Consolidated Balance Sheet (in thousands):
December 31, 2022June 30, 2023
Goodwill at the beginning of the period$391,972 $410,137 
Increase in goodwill related to acquisitions19,511 13,506 
Decrease in goodwill related to divestitures(901) 
Decrease in goodwill related to assets held for sale(445) 
Goodwill at the end of the period$410,137 $423,643 
During the six months ended June 30, 2023, we recognized $13.5 million in goodwill related to our 2023 business combination; $4.5 million was allocated to our cemetery segment and $9.0 million was allocated to our funeral home segment.
5.DIVESTED OPERATIONS
During the three months ended June 30, 2023, we merged one funeral home with another business we own in an existing market. During the six months ended June 30, 2023, we sold one funeral home and two cemeteries for an aggregate of $0.8 million and merged one funeral home with another business we own in an existing market.
During the three months ended June 30, 2022, we merged one funeral home with another business we own in an existing market. During the six months ended June 30, 2022, we sold two funeral homes for an aggregate of $0.9 million and merged one funeral home with another business we own in an existing market.
- 11 -


The operating results of these divested funeral homes and cemeteries are reflected on our Consolidated Statements of Operations as shown in the table below (in thousands):
Three months ended June 30,Six months ended June 30,
2022202320222023
Revenue$63 $ $296 $66 
Operating income (loss)(4)(2)25 24 
Loss on divestitures(1)
  (703)(82)
Income tax benefit1 1 184 17 
Net loss from divested operations, after tax$(3)$(1)$(494)$(41)
(1)
Loss on divestitures is recorded in Net (gain) loss on divestitures, disposals and impairments charges on our Consolidated Statements of Operations.
6.RECEIVABLES
Accounts Receivable
Our funeral receivables are recorded in Accounts receivable, net and primarily consist of amounts due for funeral services already performed.
Atneed cemetery receivables and preneed cemetery receivables with payments expected to be received within one year from the balance sheet date are also recorded in Accounts receivable, net. Preneed cemetery receivables with payments expected to be received beyond one year from the balance sheet date are recorded in Preneed cemetery receivables, net.
Accounts receivable is comprised of the following (in thousands):
June 30, 2023
FuneralCemeteryCorporateTotal
Trade and financed receivables$7,439 $17,504 $ $24,943 
Other receivables616 359 136 1,111 
Allowance for credit losses(284)(1,131) (1,415)
Accounts receivable, net$7,771 $16,732 $136 $24,639 
December 31, 2022
FuneralCemeteryCorporateTotal
Trade and financed receivables$9,518 $14,429 $ $23,947 
Other receivables643 833 48 1,524 
Allowance for credit losses(311)(702) (1,013)
Accounts receivable, net$9,850 $14,560 $48 $24,458 
Other receivables include supplier rebates, commissions due from third party insurance companies and perpetual care income receivables. We do not provide an allowance for credit losses for these receivables as we have historically not had any collectability issues nor do we expect any in the foreseeable future.
The following table summarizes the activity in our allowance for credit losses by segment (in thousands):
January 1, 2023Provision for Credit LossesWrite OffsRecoveriesJune 30, 2023
Trade and financed receivables:
Funeral$(311)$(562)$1,183 $(594)$(284)
Cemetery(702)(295)(134) (1,131)
Total allowance for credit losses on trade and financed receivables$(1,013)$(857)$1,049 $(594)$(1,415)
Balances due on undelivered preneed funeral trust contracts have been reclassified to reduce Deferred preneed funeral revenue on our Consolidated Balance Sheet of $8.9 million and $10.3 million at December 31, 2022 and June 30, 2023, respectively. As these performance obligations are to be completed after the date of death, we cannot quantify the recognition of revenue in future periods. However, we estimate an average maturity period of ten years for preneed funeral contracts.
- 12 -


Preneed Cemetery Receivables
Our preneed cemetery receivables are comprised of the following (in thousands):
December 31, 2022June 30, 2023
Interment rights$45,351 $56,781 
Merchandise and services8,585 10,242 
Unearned finance charges4,894 5,316 
Preneed cemetery receivables$58,830 $72,339 
The components of our preneed cemetery receivables are as follows (in thousands):
December 31, 2022June 30, 2023
Preneed cemetery receivables$58,830 $72,339 
Less: unearned finance charges(4,894)(5,316)
Preneed cemetery receivables, at amortized cost$53,936 $67,023 
Less: allowance for credit losses(1,985)(3,172)
Less: balances due on undelivered cemetery preneed contracts(11,552)(14,204)
Less: amounts in accounts receivable(13,727)(16,373)
Preneed cemetery receivables, net$26,672 $33,274 
The following table summarizes the activity in our allowance for credit losses for Preneed cemetery receivables, net (in thousands):
January 1, 2023Provision for Credit LossesWrite OffsJune 30, 2023
Total allowance for credit losses on Preneed cemetery receivables, net
$(1,283)$(487)$(271)$(2,041)
The amortized cost basis of our preneed cemetery receivables by year of origination at June 30, 2023 is as follows (in thousands):
20232022202120202019PriorTotal
Total preneed cemetery receivables, at amortized cost$20,254 $23,893 $12,418 $6,082 $2,563 $1,813 $67,023 
The aging of past due preneed cemetery receivables at June 30, 2023 is as follows (in thousands):
31-60
Past Due
61-90
Past Due
91-120
Past Due
>120
Past Due
Total Past
Due
CurrentTotal
Recognized revenue$1,376 $700 $273 $3,304 $5,653 $47,166 $52,819 
Deferred revenue361 224 95 1,150 1,830 17,690 19,520 
Total contracts$1,737 $924 $368 $4,454 $7,483 $64,856 $72,339 
Balances due on undelivered preneed cemetery contracts have been reclassified to reduce Deferred preneed cemetery revenue on our Consolidated Balance Sheet. The transaction price allocated to preneed merchandise and service performance obligations that were unfulfilled were $11.6 million and $14.2 million at December 31, 2022 and June 30, 2023, respectively. As these performance obligations are to be completed after the date of death, we cannot quantify the recognition of revenue in future periods. However, we estimate an average maturity period of eight years for preneed cemetery contracts.
7.FAIR VALUE MEASUREMENTS
We evaluated our financial assets and liabilities for those that met the criteria of the disclosure requirements and fair value framework. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate the fair values of those instruments due to the short-term nature of the instruments. The fair values of our receivables on preneed cemetery contracts are impracticable to estimate because of the lack of a trading market and the diverse number of individual contracts with varying terms. Our acquisition debt and Credit Facility (as defined in Note 11) and Senior Notes (as defined in Note 12) are classified within Level 2 of the Fair Value Measurements hierarchy.
At June 30, 2023, the carrying value and fair value of our Credit Facility was $204.0 million. We believe that our Credit Facility bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and therefore, the carrying value of our Credit Facility approximates fair value. We estimate the fair value of our acquisition debt utilizing an income approach, which uses a present value calculation to discount payments based on current market rates as
- 13 -


of the reporting date. At June 30, 2023, the carrying value of our acquisition debt was $3.9 million, which approximated its fair value. The fair value of our Senior Notes was $343.1 million at June 30, 2023 based on the last traded or broker quoted price.
We identified investments in fixed income securities, common stock and mutual funds presented within the preneed and perpetual care trust investments categories on our Consolidated Balance Sheet as having met the criteria for fair value measurement. Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash, U.S. treasury debt, common stock and equity mutual funds. Where quoted market prices are not available for the specific security, then fair values are estimated by using quoted prices of similar securities in active markets or inputs other than quoted prices that can corroborate observable market data. These investments are fixed income securities, including U.S. agency obligations, foreign debt, corporate debt, preferred stocks, certificates of deposit and fixed income mutual funds and other investments, all of which are classified within Level 2 of the valuation hierarchy.
In addition, we have an investment in a limited partnership fund, whose fair value has been estimated using the net asset value per share practical expedient described in ASC 820-10-35-59, Fair Value Measurement of Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) and therefore, has not been classified in the fair value hierarchy. The value of the investments in this fund cannot be redeemed because the investments include restrictions that do not allow for redemption within the first 12 months after acquisition. Our unfunded commitment for this investment at June 30, 2023 is $10.0 million.
Our receivables from preneed funeral trusts represent assets in trusts which are controlled and operated by third parties in which we do not have a controlling financial interest (less than 50%) in the trust assets. We account for these investments at cost. See Notes 8 and 9 to our Consolidated Financial Statements for the fair value hierarchy levels of our trust investments.
8.TRUST INVESTMENTS
Preneed trust investments represent trust fund assets that we are generally permitted to withdraw as the services and merchandise are provided to customers. Preneed funeral and cemetery contracts are secured by payments from customers, less amounts not required by law to be deposited into trust. These earnings are recognized in Other revenue on our Consolidated Statements of Operations, when a service is performed or merchandise is delivered. Trust management fees charged by our wholly-owned registered investment advisory firm (“CSV RIA”) are included as revenue in the period in which they are earned. Our investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery.
Cemetery perpetual care trust investments represent a portion of the proceeds from the sale of cemetery property interment rights that we are required by various state laws to deposit into perpetual care trust funds. The income earned from these perpetual care trusts offsets maintenance expenses for cemetery property and memorials. This trust fund income is recognized in Other revenue.
Changes in the fair value of our trust fund assets (Preneed funeral, cemetery and perpetual care trust investments) are offset by changes in the fair value of our trust fund liabilities (Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus) and reflected in Other, net. There is no impact on earnings until such time the services are performed or the merchandise is delivered, causing the contract to be withdrawn from the trust in accordance with state regulations and the gain or loss is allocated to the contract.
We rely on our trust investments to provide funding for the various contractual obligations that arise upon maturity of the underlying preneed contracts. Because of the long-term relationship between the establishment of trust investments and the required performance of the underlying contractual obligations, the impact of current market conditions that may exist at any given time is not necessarily indicative of our ability to generate profit on our future performance obligations.
Preneed Cemetery Trust Investments
The components of Preneed cemetery trust investments on our Consolidated Balance Sheet are as follows (in thousands):
December 31, 2022June 30, 2023
Preneed cemetery trust investments, at market value$98,269 $92,898 
Less: allowance for contract cancellation(3,204)(3,024)
Preneed cemetery trust investments$95,065 $89,874 
- 14 -


The cost and market values associated with preneed cemetery trust investments at June 30, 2023 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized
Gains
Unrealized
Losses
Fair Market
Value
Cash and money market accounts1$8,330 $ $ $8,330 
Fixed income securities:
U.S. agency obligations2803  (65)738 
Foreign debt210,978 1,028 (421)11,585 
Corporate debt214,593 180 (4,625)10,148 
Preferred stock211,553 449 (1,521)10,481 
Certificates of deposit279  (9)70 
Common stock138,955 6,335 (7,183)38,107 
Limited partnership fund3,579  (1)3,578 
Mutual funds:
Equity1554  (52)502 
Fixed income211,379 17 (2,846)8,550 
Trust securities$100,803 $8,009 $(16,723)$92,089 
Accrued investment income$809 $809 
Preneed cemetery trust investments$92,898 
Market value as a percentage of cost91.4%
The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):
Due in one year or less$137 
Due in one to five years9,043 
Due in five to ten years4,782 
Thereafter19,060 
Total fixed income securities$33,022 
The cost and market values associated with preneed cemetery trust investments at December 31, 2022 are detailed below (in thousands):
Fair Value Hierarchy LevelCostUnrealized
Gains
Unrealized
Losses
Fair Market
Value
Cash and money market accounts1$10,434 $ $ $