Carriage Services(CSV) - 2025 Q2 - Quarterly Report

PART I Item 1. Financial Statements This section presents unaudited condensed consolidated financial statements and notes, detailing financial position and performance Unaudited Condensed Consolidated Balance Sheets This statement provides a snapshot of the company's assets, liabilities, and equity at specific points in time, reflecting changes over the period Unaudited Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | Percentage Change | | :-------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | :------------------ | | Total assets | $1,275,714 | $1,279,580 | $(3,866) | -0.30% | | Total liabilities | $1,040,294 | $1,071,030 | $(30,736) | -2.87% | | Total stockholders' equity | $235,420 | $208,550 | $26,870 | 12.88% | | Cash and cash equivalents | $1,398 | $1,165 | $233 | 20.00% | | Accounts receivable, net | $34,830 | $30,193 | $4,637 | 15.36% | | Goodwill | $410,703 | $414,859 | $(4,156) | -1.00% | | Credit facility | $111,458 | $135,382 | $(23,924) | -17.67% | - Total assets decreased slightly by 0.30% to $1,275,714 thousand at June 30, 2025, from $1,279,580 thousand at December 31, 2024, primarily influenced by a decrease in goodwill due to divestitures[10][42] - Total liabilities saw a notable decrease of 2.87% to $1,040,294 thousand, driven by a significant reduction in the credit facility balance[10] - Stockholders' equity increased by 12.88% to $235,420 thousand, reflecting improved financial health and retained earnings[10] Unaudited Condensed Consolidated Statements of Operations This statement details the company's revenues, expenses, and net income over specific periods, illustrating profitability trends Unaudited Condensed Consolidated Statements of Operations (in thousands) | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $102,147 | $102,318 | $209,216 | $205,811 | | Gross profit | $35,935 | $36,993 | $73,777 | $74,255 | | Operating income | $23,998 | $18,369 | $55,562 | $37,846 | | Net income | $11,739 | $6,259 | $32,665 | $13,232 | | Basic EPS | $0.75 | $0.41 | $2.09 | $0.87 | | Diluted EPS | $0.74 | $0.40 | $2.07 | $0.85 | | Dividends per share | $0.1125 | $0.1125 | $0.2250 | $0.2250 | - Net income for the three months ended June 30, 2025, increased by $5.5 million to $11,739 thousand, compared to $6,259 thousand in the prior year, driven by decreased general, administrative, and other expenses and lower interest expense[13][150] - For the six months ended June 30, 2025, net income surged by $19.4 million to $32,665 thousand, primarily due to a $10.9 million decrease in general, administrative, and other expenses (including one-time costs in the prior year), a $9.4 million increase in gain on divestitures, and a $2.7 million decrease in interest expense[13][153] - Basic EPS increased significantly to $0.75 for the three months and $2.09 for the six months ended June 30, 2025, from $0.41 and $0.87 respectively in the prior year, reflecting improved profitability[13] Unaudited Condensed Consolidated Statements of Cash Flows This statement categorizes cash inflows and outflows from operating, investing, and financing activities, showing liquidity changes Cash Flow Activity (in thousands) | Cash Flow Activity | Six months ended June 30, 2025 | Six months ended June 30, 2024 | Change (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | | Net cash provided by operating activities | $21,877 | $21,860 | $17 | | Net cash provided by investing activities | $12,813 | $4,392 | $8,421 | | Net cash used in financing activities | $(34,457) | $(26,272) | $(8,185) | | Net increase (decrease) in cash and cash equivalents | $233 | $(20) | $253 | | Cash and cash equivalents at end of period | $1,398 | $1,503 | $(105) | - Net cash provided by operating activities remained stable at approximately $21.9 million for both periods[16][141] - Net cash provided by investing activities increased significantly by $8.4 million to $12.8 million, primarily due to higher proceeds from divestitures and sale of other assets[16][142][143] - Net cash used in financing activities increased by $8.2 million to $34.5 million, mainly due to higher net payments on employee equity plans and credit facility[16][146] Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity This statement tracks changes in equity components, including net income, dividends, and stock-based compensation, over time Total Stockholders' Equity (in thousands) | Metric | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :------------------------------------ | :------------ | :---------------- | :------------ | | Total Stockholders' Equity (Six months) | $235,420 | $208,550 | $187,887 | | Net income (Six months) | $32,665 | N/A | $13,232 | | Dividends on common stock (Six months) | $(3,488) | N/A | $(3,390) | | Stock-based compensation expense (Six months) | $3,705 | N/A | $2,407 | - Total stockholders' equity increased to $235,420 thousand at June 30, 2025, from $208,550 thousand at December 31, 2024, primarily driven by net income of $32,665 thousand[18] - Stock-based compensation expense for the six months ended June 30, 2025, was $3,705 thousand, an increase from $2,407 thousand in the prior year[18](index=18