Summary of Service Corporation International (SCI) FY Conference Call Company Overview - **Company**: Service Corporation International (SCI) - **Industry**: Funeral services and cemetery operations - **Market Position**: Largest operator in the U.S. and Canada with approximately 17% market share by revenue, while other consolidators account for about 9% [4][6] Core Business Model and Strategy - **Business Segments**: Divided into funeral services and cemetery operations, with a focus on preneed contracts to secure market share and build trust fund portfolios [4][5] - **Earnings Growth Target**: Aiming for 8% to 12% earnings growth, with 5% to 7% from base business and 3% to 5% from capital deployment (acquisitions, growth capital, share repurchases) [6] Recent Performance and Trends - **Funeral Volume Trends**: - Increased by 13% in 2020 and 4% in 2021 due to COVID-19 - Declined by 4% to 5% in 2022, 5% to 6% in 2023, and expected to decline by 2.5% in 2024 [8][9] - Anticipating flat to slightly down volumes in 2025 due to normalization post-COVID [9] - **Cemetery Operations**: - Cemetery sales are closely linked to funeral volumes, with a decline in both areas noted during the pandemic recovery [11][12] Revenue and Pricing Dynamics - **Funeral Revenue per Service**: - Steady growth in low single digits driven by inflationary pricing power, with a shift towards cremation impacting average sales growth [14][16] - Current cremation mix at 60%, with expectations to stabilize around 75% to 80% in the long term [17] - **Preneed Sales**: - Transitioning from trust instruments to insurance contracts, which is expected to stabilize and grow preneed production in the future [22][23] - Anticipated low single-digit declines in funeral preneed production for 2025, with expectations for stabilization and growth in 2026 [27] Cemetery Preneed Sales - **Core vs. Large Sales**: - Core preneed sales account for 85% to 90% of the business, showing low single-digit growth [30] - Large sales (over $80,000) are more volatile and dependent on individual family decisions [31] - **Growth Outlook**: - Expecting low single-digit growth in cemetery preneed sales for 2025, with potential for stronger performance if macroeconomic conditions improve [35] Margin and Cash Flow Expectations - **Margin Dynamics**: - Cemetery margins have improved from around 20% to the lower 30s, with expectations for flat margins in 2025 due to low single-digit growth [48] - Funeral margins expected to remain around 21% for 2025 until demographic changes drive volume increases [49] - **Free Cash Flow**: - Projecting $860 million in operating cash flow for 2025, with expected free cash flow of around $550 million after capital expenditures [51] Land Management and Future Growth - **Cemetery Land Availability**: - Over 100 years of available inventory across 36,000 acres, but some cemeteries nearing capacity [57] - Strategies include raising prices, reconfiguring land, and acquiring adjacent properties to manage land constraints [59][61] Regulatory Environment - **Funeral Rule Compliance**: - SCI is prepared to comply with the FTC's funeral rule, with pricing already online at 75% of locations [56] Conclusion - SCI is navigating a post-COVID environment with a focus on stabilizing and growing its preneed sales, managing margins, and leveraging its land assets for future growth. The company remains optimistic about its long-term strategies despite current market challenges.

文 ｜ 杨帆 玛西高娃 ▍ 我国对美出口贸易在省际层面呈现出东部集中、区域分化和集群支撑的三重特征 。 第一，我国对美出口高度集中于东部沿海省份，2 0 2 3年以来前五大省份贡献了7 2 . 3%的出口额，前八大省份合计贡献8 4 . 9%，其中广东和浙江 出口动能更为强劲，两者分别贡献了2 5 . 1%和1 6 . 6%。不过前五大外贸大省在面对关税2 . 0的表现，出现了分化，山东和浙江可能抢出口诉求更 强，上海和广东略靠后。出口交货值视角也基本印证上述结论，当前上海在出口交货值增速上较为疲弱。 我国分省市对美出口整体呈现出东部集中、区域分化和产业集群支撑的三重特征。其中，广东和浙江等东部沿海省份是出口主力，山西和河南等 中部省份对美出口依赖偏高。同时结合商品结构层面，我国各省市对美出口贸易呈现商品出口中心度较高、总体依赖度不高且结构多元的特征。 第一，从出口中心度来看，机电设备、纺织鞋服和家具类是支撑出口的核心品类，不同省份在这些品类上的中心度高低差异明显。第二，从对美 出口依赖度来看，大部分省市总体依赖度不高，大部分省份在主要品类上的依赖度低于5%，另外，沿海地区整体呈现出产业链多元、出口商品 类别 ...

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