Carriage Services, Inc. Financial Statements — CSV Stock

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	182	184	198	213	226	243	248	258	268	274	329	376	370	383	404
- Cost of Revenue	134	133	137	149	156	165	169	181	192	195	224	246	251	258	261
+ Cost of Goods & Services	134	133	137	149	156	165	169	181	192	195	224	246	251	258	261
+ Sales & Services Revenue	182	184	198	213	226	243	248	258	268	274	329	376	370	383	404
Gross Profit	47	51	61	64	70	78	80	77	76	80	106	130	119	124	143
- Operating Expenses	17	23	25	27	30	29	29	28	33	27	27	35	37	42	59
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	1	1	1	1	1	2	2	2	2	1	- -	- -	- -	- -	- -
+ Selling, General & Admin	15	22	24	26	29	27	28	26	31	26	27	35	37	42	59
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	31	28	36	37	40	49	50	49	43	52	79	94	82	82	84
- Non-Operating (Income) Loss	17	17	19	13	17	14	18	16	25	30	54	50	25	36	34
+ Interest Expense, Net	17	18	17	13	13	14	16	17	23	26	33	25	26	36	32
+ Interest Expense	18	18	17	13	13	14	16	17	23	26	33	25	26	36	32
- Interest Income	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	-1	2	- -	4	- -	2	-1	2	4	21	25	-1	-1	2
Pretax Income	13	11	17	24	23	35	32	33	18	22	25	44	57	46	50
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Income Tax Expense (Benefit)	5	5	7	9	7	14	13	-4	7	8	9	11	16	13	17
Income (Loss) from Cont Ops	8	6	10	15	15	21	20	37	12	15	16	33	41	33	33
- Net Extraordinary Losses (Gains)	- -	-1	-1	-4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	1	1	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	-2	-2	-8	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	8	7	11	19	16	21	20	37	12	15	16	33	41	33	33
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	8	7	11	19	16	21	20	37	12	15	16	33	41	33	33
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	8	7	11	19	16	21	20	37	12	15	16	33	41	33	33
Basic Weighted Avg Shares	18	18	18	18	18	18	17	16	18	18	18	17	15	15	15
Basic EPS, GAAP	0.46	0.38	0.63	1.08	0.87	1.17	1.19	2.26	0.65	0.81	0.9	1.9	2.79	2.26	2.2
Basic EPS from Cont Ops	0.46	0.34	0.57	0.85	0.85	1.17	1.19	2.26	0.65	0.81	0.9	1.9	2.79	2.26	2.2
Diluted Weighted Avg Shares	18	18	18	22	18	18	17	18	18	18	18	18	16	15	15
Diluted EPS, GAAP	0.45	0.38	0.62	0.86	0.87	1.14	1.12	2.1	0.63	0.81	0.89	1.82	2.63	2.16	2.13
Diluted EPS from Cont Ops	0.45	0.34	0.57	0.68	0.85	1.14	1.12	2.1	0.63	0.81	0.89	1.82	2.63	2.16	2.13
EBITDA	41	38	46	49	52	62	66	65	61	71	99	116	103	105	109
EBITDA Margin (%)	22.33	20.6	23.38	22.83	22.85	25.74	26.44	25.15	22.66	26.01	30.16	30.9	27.78	27.37	26.87
EBITA	31	28	36	37	40	49	50	49	43	52	79	94	82	82	84
EBIT	31	28	36	37	40	49	50	49	43	52	79	94	82	82	84
Gross Margin (%)	26.09	27.76	30.89	30.17	30.96	31.96	32.09	29.75	28.34	29.03	32.15	34.46	32.21	32.49	35.48
Operating Margin (%)	16.86	15.36	18.3	17.32	17.56	20.06	20.23	18.96	16.16	19.08	23.88	25.09	22.09	21.48	20.88
Profit Margin (%)	4.44	3.8	5.75	9.02	7	8.6	7.89	14.41	4.35	5.3	4.88	8.82	11.18	8.73	8.15
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	0.08	0.1	0.1	0.1	0.1	0.15	0.23	0.31	0.3	0.34	0.42	0.46	0.45	0.45
Depreciation Expense	10	10	10	12	12	14	15	16	17	19	21	22	21	23	24

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	28	31	33	36	37	34	33	30	29	40	35	40	38	42	45
+ Accounts & Notes Receiv	16	17	18	19	23	18	21	21	20	25	25	29	25	28	30
+ Accounts Receivable, Net	16	17	18	18	19	18	19	19	19	21	24	24	24	27	31
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	1	3	- -	2	1	2	5	1	5	1	1	- -
+ Cash, Cash Equivalents & STI	1	1	2	1	- -	1	3	1	1	1	1	1	1	2	1
+ Cash & Cash Equivalents	1	1	2	1	- -	1	3	1	1	1	1	1	1	2	1
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	11	5	5	5	5	6	6	7	7	7	7	7	8	8	8
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	11	5	5	5	5	6	6	7	7	7	7	7	8	8	8
+ Other ST Assets	- -	8	8	11	8	9	3	2	2	7	2	2	4	4	5
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	643	642	705	710	791	799	852	891	888	1,090	1,110	1,138	1,155	1,226	1,235
+ LT Investments & Receivables	207	184	200	208	218	192	206	215	189	233	- -	- -	- -	- -	- -
+ LT Investments	207	184	200	208	218	192	206	215	189	233	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	200	208	228	234	262	290	311	324	336	389	391	388	399	418	402
- Accumulated Depreciation	72	78	84	89	122	134	145	153	125	136	145	126	129	138	146
+ Property, Plant & Equip	271	286	312	322	384	424	456	477	461	525	537	514	528	556	548
+ Other LT Assets	237	250	277	269	311	317	335	353	364	469	719	750	756	808	833
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Intangible Assets	183	196	220	228	266	275	290	306	328	430	422	421	443	461	456
+ Goodwill	183	194	218	221	257	264	275	288	304	398	393	392	410	424	415
+ Other Intangible Assets	- -	2	2	7	9	11	15	18	24	32	29	29	33	38	41
+ Misc LT Assets	54	53	57	41	45	42	45	47	36	38	297	329	313	347	377
Total Assets	671	673	738	747	828	833	885	922	918	1,130	1,146	1,179	1,193	1,268	1,280
+ Payables & Accruals	25	32	15	13	14	17	20	16	23	20	25	32	23	29	37
+ Other Payables & Accruals	15	18	5	6	7	8	9	8	11	11	9	13	10	12	15
+ Accounts Payable	10	14	5	7	6	8	10	7	10	8	11	14	12	12	15
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	5	- -	1	1	1	2	2	1	5	5	1	6	6
+ ST Debt	1	1	11	13	10	12	13	17	2	3	6	3	3	4	4
+ ST Borrowings	1	1	11	13	10	12	13	17	2	1	4	1	1	1	1
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	2	2	3	3	3
+ Other ST Liabilities	- -	- -	16	21	9	8	11	9	10	12	17	26	20	18	17
+ Deferred Tax Liabilities	- -	- -	8	8	- -	- -	- -	- -	- -	- -	- -	2	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	8	13	9	8	11	9	10	12	17	24	20	18	17
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	25	32	42	48	33	37	44	43	35	36	48	61	45	51	58
+ LT Debt	137	229	257	236	270	313	327	343	364	517	472	576	610	601	557
+ LT Borrowings	132	225	253	232	267	310	324	337	358	489	447	552	588	579	537
+ LT Finance Leases	4	4	4	4	3	3	3	6	6	27	26	24	22	22	20
+ Other LT Liabilities	389	285	304	307	345	325	338	338	297	351	385	414	401	443	456
+ Accrued Liabilities	250	243	258	263	294	279	291	286	251	286	312	341	332	357	357
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	139	41	46	43	51	47	48	52	46	65	73	72	69	86	99
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	526	513	561	543	615	638	665	681	661	868	857	990	1,010	1,044	1,013
Total Liabilities	551	546	603	591	648	676	709	724	696	903	905	1,051	1,056	1,095	1,071
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	201	202	203	205	213	214	215	216	244	242	240	237	239	242	244
+ Additional Paid in Capital	201	201	202	204	212	214	215	216	244	242	240	237	239	241	244
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Treasury Stock	11	11	15	15	15	60	60	77	94	102	102	245	279	279	279
+ Retained Earnings	-71	-64	-53	-33	-17	3	21	58	72	86	102	135	177	210	243
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	120	127	135	156	180	158	176	198	221	227	241	128	137	173	209
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	120	127	135	156	180	158	176	198	221	227	241	128	137	173	209
Total Liabilities & Equity	671	673	738	747	828	833	885	922	918	1,130	1,146	1,179	1,193	1,268	1,280
Shares Outstanding	17	18	18	18	19	17	17	16	18	18	18	15	15	15	15
Capital Leases - Total	4	4	4	4	3	3	3	7	6	29	28	26	25	25	23
Net Debt	132	224	263	244	276	322	334	353	359	490	449	552	587	578	536
Net Debt to Equity	110.05	176.61	194.66	156.67	153.64	204.14	189.91	178.38	162.21	216.2	186.77	431.06	427.98	334.09	257.15
Tangible Common Equity Ratio	-13.05	-14.62	-16.53	-13.85	-15.39	-21.08	-19.28	-17.61	-18.12	-29.12	-25.16	-38.73	-40.77	-35.73	-29.97
Current Ratio	1.1	0.97	0.79	0.76	1.11	0.91	0.74	0.71	0.84	1.12	0.73	0.66	0.84	0.82	0.77
Cash Conversion Cycle	42.35	20.03	19.86	28.37	26.62	24.41	20.21	22.74	22.85	21.78	20.09	15.28	15.89	19.13	18.39
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	8	7	11	19	16	21	20	37	12	15	16	33	41	33	33
+ Depreciation & Amortization	10	10	10	12	12	14	15	16	17	19	21	22	21	23	24
+ Non-Cash Items	8	1	11	13	19	13	18	-2	19	19	33	32	11	15	12
+ Asset Impairment Charge	- -	- -	1	- -	1	- -	- -	- -	1	1	21	- -	- -	- -	- -
+ Deferred Income Taxes	2	-3	4	13	5	3	5	-12	4	10	5	-1	3	3	-1
+ Other Non-Cash Adj	4	3	4	-4	8	6	9	7	8	6	4	27	2	4	7
+ Stock-Based Compensation	2	2	2	4	5	4	3	3	7	2	3	6	6	8	7
+ Chg in Non-Cash Work Cap	-1	13	-7	-4	-10	3	-3	-6	1	-10	13	-3	-13	5	-18
+ (Inc) Dec in Accts Receiv	-5	-2	-5	-3	-4	-2	-5	-4	-5	-6	-4	-4	-5	-8	-25
+ Inc (Dec) in Accts Payable	2	7	-7	-2	-2	4	3	-4	6	1	13	4	-9	3	5
+ (Inc) Dec in Inventories	- -	-2	5	- -	-3	3	2	1	- -	-3	4	-4	2	- -	1
+ (Inc) Dec in Prepaid Assets	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	1	10	- -	2	-2	- -	-2	1	- -	-2	- -	2	-1	10	1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	26	31	26	40	37	51	50	45	49	43	83	84	61	76	52
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	-8	-6	-6	- -	- -	- -	- -	- -	-34	-44	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	-8	-6	-6	- -	- -	- -	- -	- -	-34	-44	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-19	-19	-45	-10	-56	-10	-22	-23	-38	-145	-19	5	-29	-40	12
+ Cash for Acq of Subs	-19	-19	-45	-20	-58	-10	-27	-29	-38	-146	-28	-3	-34	-44	- -
+ Cash from Divestitures	- -	- -	1	10	2	- -	4	6	- -	1	9	8	5	4	12
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-10	-11	-10	-11	-16	-30	-17	-16	-14	-14	-15	-17	10	28	-16
+ Net Cash From Disc Ops	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-29	-29	-55	-20	-79	-45	-45	-39	-51	-159	-34	-13	-52	-57	-4
+ Dividends Paid	- -	-1	-2	-2	-2	-2	-2	-4	-6	-5	-6	-7	-7	-7	-7
+ Net Cash From Debt	- -	2	83	-27	149	94	-24	35	-37	188	-80	207	34	-13	-43
+ Cash From Debt	1	5	87	- -	449	209	181	214	569	427	219	928	155	86	55
+ Repayments of Debt	-1	-3	-3	-27	-300	-115	-205	-178	-607	-239	-299	-721	-121	-99	-98
+ Cash (Repurchase) of Equity	- -	-1	-5	- -	- -	-45	- -	-16	-16	-9	- -	-140	-37	- -	- -
+ Decrease in Capital Stock	- -	-1	-5	- -	- -	-45	- -	-16	-16	-9	- -	-140	-37	- -	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	1	-2	-47	9	-105	-53	24	-23	61	-57	37	-131	- -	1	1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	1	-2	30	-20	42	-6	-2	-8	2	116	-48	-71	-9	-18	-49
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-2	- -	1	- -	-1	- -	3	-2	- -	- -	- -	- -	- -	- -	- -
Capital Expenditures	- -	- -	- -	- -	-8	-6	-6	- -	- -	- -	- -	- -	-34	-44	- -
EBITDA	41	38	46	49	52	62	66	65	61	71	99	116	103	105	109
EBITDA Margin (%)	22.33	20.6	23.38	22.83	22.85	25.74	26.44	25.15	22.66	26.01	30.16	30.9	27.78	27.37	26.87
Net Cash Paid for Acquisitions	19	19	45	10	56	10	22	23	38	145	19	-5	29	40	-12
Free Cash Flow	26	31	26	40	29	45	44	45	49	43	83	84	27	31	52
Free Cash Flow to Firm	37	42	36	48	38	54	53	- -	64	60	104	103	46	57	73
Free Cash Flow to Equity	26	33	109	13	178	139	20	81	12	231	3	291	62	18	9
Free Cash Flow per Basic Share	1.46	1.7	1.42	2.24	1.6	2.55	2.65	2.75	2.73	2.42	4.64	4.84	1.83	2.1	3.47
Price/Free Cash Flow	2.89	2.86	7.36	9.68	7.68	6.82	7.96	9.1	5.33	9.91	6.44	13.32	4.41	3.16	11.8
Cash Flow to Net Income	3.18	4.46	2.26	2.07	2.31	2.47	2.56	1.22	4.21	2.97	5.15	2.54	1.47	2.26	1.58

Carriage Services, Inc.

Income Statement

Balance Sheet

Cash Flow Statement