CSV - Earnings call transcript Q4 2020 | Carriage Services, Inc.

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Operator

Ladies and gentlemen, welcome to Fourth Quarter and Year End 2020 Results Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to your host today, Mr. Management. the from Metzger Steve Sir, please ahead. go

Steve Metzger

and Thank Metzger, Senior operator, company. we'll fourth and for Counsel good Steve is Today, quarter our discussing This everyone. be end Vice the results XXXX. morning, for you, year President General and

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Mel Payne

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Carlos Quezada

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Ben Brink

appreciate that we the for I'm Thank going comments I our your forward. excited and for cemetery you opportunities Carlos, performance have

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Mel Payne

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Jason Buchbinder

on morning. Thank honor this is to be to It tremendous you, today. have call good and a the opportunity Mel

sharing Services industry". named, our an from Carriage would the talented and quote a the Ambassador brief the I privilege men of morning Services to this with like for our begin businesses, country. Carriage XXXX XXX have The otherwise own I Journey. Learning CEO, conservative very certainly partner Evolution in from and Mel aptly agree. story the black an Carriage "Yes, white, distinct across As women I'd our letter, predictable, shareholder of and is Payne, unique unorthodox and to

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Operator

Instructions] [Operator Thank you.

Mel Payne

Sorry.

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Operator

from Alex [Operator of Instructions] Barrington first Paris research. comes your And the question from line

open. Paris, Alex open. is is line your line Your

Alex Paris

a And the and a strong I'm your year. strong of wanted finish to contract extension say you, years. raise, then for and congratulations beat I the sorry, to Mel, Birthday mute. another belated on specifically very on an employment I Happy to seven on was congratulations

that's your think in I well leadership. placed confidence

Mel Payne

I technically XX. Alex. might Thank you, but I feel XX, be

be of them because to talent all a I cheer the I be now You and the having here, have am not like cannot on. right not we whole company. in do, where lot It's have fun except

Alex Paris

doing, it's Well what keep working. you're because doing

Mel Payne

Yes.

Alex Paris

a have of number I Great. questions.

Ben, off raised January flow full free has EBITDA, The cadence first started Obviously, the adjusted your guidance revenue this revenue and How one very EPS probably think cash of related should the for very, XXXX? we XXXX. in quarterly year for is to, and you've cadence quarterly strong. in about

Ben Brink

and coronovirus Yes, we our continue see that year. expectation is part year, our can growth higher Alex half the would of on take to, performance, half a first the were come you higher have move to elevated we of of that hopefully, I Cemetery full we impact higher, the think a probably this build to throughout revenue didn't vaccinations “normal” momentum half year. And we a expect strong XXXX, revenue, the hold year-over-year, death as the certainly say pandemic to year. continuing of the rates to you for the as much the be back that financial second that And we year. really, last of this compared lives, less last and of level, like have in then where becomes

first a that, it see about and with on That's of you for side, additional cadence Peggy to to in thinking strong financial over the So right the Yes, certainly half Schappaugh some year-over-year I'll turn kind we're year. revenue now. the comments. last how comparison compared

Peggy Schappaugh

that. add and Now, just to

seen add we've to great that, Sorry, to as average just on improvements our well.

January, into we're into really what in Ben said, averages has the cremation average favor. quarter, fourth in in February. got, got So and working very being our conversion and our We've to leading we've even all that addition seeing strong

taking down or not their doing the funeral as serving to the other funeral families. even may be settle homes be time may They're where our have families, -- having might a thanking may services. actually serve all bit, volume families so So we of for not are them little getting homes

will improvement our year as also goes we in and up along. average So go the to continue that see

Alex Paris

That's ask you. helpful. to going Great, thank And I was about that.

in of down this are that this Has in still spike December on California? So in the but we dealing halfway January deaths, impact COVID. and settled Tragic like financials. you had and in February rate a or with February unfortunate, particularly is because your the places death in spike through

Peggy Schappaugh

busy. California has really been

may with Central and they're We some still a busy. in have those been they've have into and but able definitely continuing there, be it's busy. that of lot a with even to February. slight slowdown, again, been services. do very businesses really We California California see We And restrictions Southern out

the as think be year. first earlier, quarter, we January Ben last it's, just So than will alone better said better, QX of

to that So we continue. expect

Mel Payne

revenue Yes, highest February, see our this second year, the of to last year will in continuing which hard to after month be XX has it's in is be, probably ridiculous, this And will tell. continue margin, will We it XX history it versus momentum so Mel. the this company. January strong but be days the

Alex Paris

to to net we then, the rate? you're payer using XXXX. rate What a going tax What's that full for And mentioned be ought in our you. be you tax models? GAAP Ben Got

Ben Brink

XX%. the off year starting at We're

by year. we last as the that's off to divestiture tax drive have that we a really year, saw being assets, go books, write that through sell activity, can businesses have goodwill little you that continue as As the it sell rate to these ended we the on we potentially higher. driven higher. up And update and effective We'll as

unknown, right going start obviously XX% that's but of for at for to now, Some the we're year. really

Mel Payne

out little from that. we're this more first add don't your investors some about So pull me because Alex, let performance question. of there, and see and It's to later COVID. pushed forward, getting a We color down

that on. somehow Okay? We've in don't 'XX This second performance be with other I things these going all our with our lower. prediction the lower, and will the I speculation agree agree don't half good. is will that. company got be

updates the And every good. Thursday country. Our have people across we know they're

and hasn't ago. on we had They yet. two best I hear tell our So meeting, started And slide are what's California get to a of days XX will Standards we had to best those update returning Council what to going there have business-by-business, bring area-by-area. sense the And slow, might it of little I of future The unusual who the And the know high but but now by so the population it's things, a death are say back up doing best I been I've mean, normal. they've to living too. baby the And people and it's XXs the forever. rates that that's anybody people where evident going out an assisted days, are reached was. think boomer they other that's XXs to thing. And few I data, into the don't living building believes markets our you, unbelievable probably case. deaths. best when been and terms up all I won't get be nursing to in actually lives, has

from you thing at have will for endemic various booster lot medicine the whether And a variants death COVID, problem to over say not all In be up is me, turn finish. And out least really and reaches coming that is can't will more probably of the this be an years. keep pandemic trying shots, rate to with past, so, or that of coming other money. unknowable you an this direction, would from probably have on words, with if world. people is anybody the a a of who knows bet now. who it. different expected compared the some not you chance this with lot now, is opposite And modeling in one forever done No they right a I the right elevated the do, making like says around this and it to is what But say this that flu work need

so underpriced anybody to as because viewing think COVID. our too early And of for overpriced who's investor be shares I or an it's

the we're what at look of in drivers. a you company we be to because doing is what have to have think and lot going I the future

than go, free we million want. in buying. Mr. years I a four fully the to Market's Otherwise, will it's world, that, believe compounded value believe that you we're Great don't we buyer, of which let's Mr. share this hype, plan, to we to next then we're Wow, a work. know better four this $XX better you have expect to Good of get free We flow You doesn't wouldn't the think execute higher is company a to here it, the go whatever and returns. add be incentive wanted Anyway, created creation that. seller, a you and our that highly cash know If Market getting years. gets way shareholder people last

Alex Paris

Are of And that. look be I thoughts interested you the had sales little one you? prepared there? there your Carlos comments, your XX this, people preneed sales across got the team sales in And and And changes I centralized -- since we as then what with out selling there more on The recall, question or appreciate finish to I the but I'll services cemetery? than your the a XX in build location more one touched What two does should some today's for just to this to there? in states. hear and call. Carlos, him cemeteries, to have is like responsibility then from on than organization primary sales speak expect a funeral cemeteries you side, before each you may systems is high opportunity performance one

Mel Payne

partner, manager, wrong cemeteries. could decision This 'XX wrong. function is And it did can decentralized. Carlos. and the get put met Alex. I that get That over. Let model, I else We it for decentralized and who making had then tee was, that for me I get it my for out right I anybody But the right I sales and up never it you over in remain then concept managing find the how homes. you proved until whole you funeral if knew to right, the

we Carlos, it soon. teed been to wrong going right? on entire that they So and diagnostics. Rolling job look I over really reliance couple got my first up have Hills now we a had didn't cold you that they've I knew it it cemeteries Los portfolio California And Northern can were doing over California, like a for in cemetery to flu. when a So bad of Carlos, you? got What Gatos, get big do was anytime performance, get an his

Carlos Quezada

Alex you, Mel you the and for question. thank Thank

upon came the so partner, decision model, centralized local So the made right. it is managing when aboard, the

Also to company between civility happens counselors peers And the is really X local an X, would in amongst XX competition. in meet is for the incentivize cases, positions. have, teams, is so there, within what plan competition or would that specific to than the the compensation within higher some teams, not targets higher sales previous specific cemetery, not other expectation not performance rather sales the just

and one positions create like by significant are addition that reporting planning, will there With than with also that different was our But family that changing, rewards. based program Some we're exceptions since formal the testing creating leads board. made impact, a That's and that the expectations for of of in I team of only way, there generating at regarding service AP training the its which an came components, performance instance, of create advanced includes will is been some the robust when counselor right Carriage family of now, sales higher and higher creation rewards. by and decentralized that to areas, positions, it one and also, the that to a manager in outside has other services, And with a anything Carriage on couple. sustainable most cemetery few counselors training a here, well AP are all creation. incentives comments

additional part where is XX learning, the I XX is providing AB answers sales progression, teams outside some communication that XX and were for, system, platform of plan looking top all course sales, for. success. so that our all in up we double And the can that The force sales. you the creating, to an CRM, of of of the hope sales, now cemeteries, through of means

Alex Paris

Service Thank people Carlos. in Carlos, that's with the did that come from, but worked your you they role the And no, you. was they since, people recruited past? Yes, there? you've from from in the you've what industry then Corps, come And or are where great.

Carlos Quezada

Yes, so sales south about the as XX the SCI, United of SCI with almost leading to a a divisions moving operations. size the started, then of for I Managing one spent years of Director that Carriage, sales now and division from operations the leading, same for there which States leading

that of work with so, and a lot And time, that some to to us. a work wanted met through people of develop relationships course, with incredible people good continue I lot of very

another SCI from company, One was he for in consolidator who on the went at of up, at cemetery he brought working he to that from was SCI who when not board. on and time those [indiscernible] he was then SCI came and board funeral, came Pudenz fact that Shane

Mel Payne

if spend you by time life one-on-one ever with inspired someone's story, Alex, to want So be Carlos. some

Alex Paris

I it all. great. queue. forward appreciate great That I'll sounds and I the sounds and you look that. get That in to back thank

Operator

Thank you.

from line Columbia the comes Needle. Bellehsen question next of from Threaded Our Dan

is Your open. line

Daniel Bellehsen

doing guys, first two perhaps I I hope joined the have Hi, hip well. and here. may at questions is I everyone and be healthy

tangible down, maybe I had to maybe somewhat customers times, it nature one now customer for first and highly this But the me the you The question then answer if What you're of at show Carlos, incentive love harder the incentivized guys now, you And is most offering common given team incentives, operating And most how portfolio. much highly how impactful the decentralized that's the are in what one that understand changed that to in or impactful boil Munger, from different the you, a that is outcome. weren't and extend two the are in such before? I threads very that cash value you have structure you perhaps payouts? Mungerism proposition favorite are you that I'll do beyond my know does managing the partners show top changes driven way? the think a

Carlos Quezada

because I'll those The but to are layers mean, it bullet you, here. just The linked I'll of management questions. enough Yes, point adapt thank the weeks managing We it flat. that's fifth in have the And I answer. two start our, layers is first, bullet start you to that are call were Carriage. we read question fifth ask. Carriages of back can't that mean about last them on the the continued is and linked. There section there. of each first business fifth they Dan, the point I we the the get bullet They're there of two a call thank a we with management; the answers goes to shocked no you. really April. to go why into the I for like you We the one just the, about it one owners of you That's I’ll very I'll quickly. of things when March. two are weeks Got of point we partners. with, to get don't must we and is, observations. incentives had talked And if

cost more is framework culture performance effective high Our organizationally.

does with corporate overhead field creation leverage incremental, shareholders. as value performance those our the we of consolidation the As public organizational with more to enabling amount selective businesses, acquisitions, up, who highly not substantial a shared platform, it create especially of our and the of be ease both with financial locally growth

of stuff, And our per most jobs wrung we incentive revenue I of important management flow of I creation out organizational we stupidity, and agree in shareholder dollar in what eliminated concept. where that structure, Charlie. order call incentives cash in all perks in and effective create directly go and EBITDA there more we layers the pretty to section and revenue, four middle to a made it's And the processes Now occurs privileges and that's your the Great and business. bureaucratic cost. that are value of company. to more partners are Those the create section, many to managing charge dollar unnecessary about the the more paragraphs to every plan, simple and the to prior question five-year Good In per efficient free with have the

tell and from Mungerism two the the it on technology tools. believe in that practices The and a business else over support mandates especially bubbling comes all knowing may entrepreneurs we've the They Council those of or a better shock and Standards our do and we learned California. people are want should that ideas times in your And there this of can't with I Because almost could do, word decorated, getting was market. the conditions. The push good and competitors better work. of hit, But on came without is turning came compete what can't cars. that than have you can't many in with know in up a have first do the can to family [indiscernible] Christmases their services, and would and appreciation best competitors price, incredible not outside, that the me, respect. we and still that. is have win, it joining case, business come like it don't you franchise mean, are when ideas them We've this our families driving every know so embalming on talking a then were teams And what best, in available with July, and I doesn't this grow the makes [indiscernible], XX/X that brain where this so such could I'm we ideas and came are, do can anybody innovated. than I what went up ago, don't business do and shock, have place. in people in what and want but I and Coronavirus All business focus the people the this, up remember then people up the are we there. at had, that fair Peggy at question. know their most days our all had original provides I I've all, including ideas. together down. some our this can don't -- you that the put make is their many days the do been Ben put the ideas with, is, us, do. better it by all the your they in and buy support down it these We only people becomes idea with they you're websites many do our with and was our had in had you of they any we've Carriage I of and to up should best by is you it now, we to people is, our company idea they about push battlefield come had best good first looking after what make saying what that. And people the can tell trust now these people me, night, you that people If our practices we even to know, can't And we access them in And tried Charlie another up you when what And all. mouth everything or these community. priceless and down day support, families like in where won't a

But mean, more or we it, it's have anyone else kind would, don't a ideas, an they right with good this are these here empowered imagine and things, our and When I heads our ideas and to seems enough And do, and up it. to the competitors do they it. come with and right a initiative really don't these this just loose, it win happens you had I I to based investor lay and people them to we and teamwork. principle, the thing just that come to you locally the turn to where it's through the section. proud us up, had how I minds more had magical. tried a you and what hear out I the they're this this hard problem people, has Dan, little So but But power stories. the in And meat do like Dan stealing company happened. it think line do hearts it, we to right it's of on high have guiding is but get right honored every to on incentives, it We're how to Thursday, if with shaking people if of makes put bone performers. have individual and do It's for

XXXX might turnaround here. meat went the just that how XXXX and not didn't Now have what XXXX, my made you theme out haven't see February letter looked was XX, public it. viewed before we of on That's big COVID-XX. I like what a

theme the analogy which Charles release, letter. Tale letter so in the I two Using in was this Carriage the theme a didn't and tale performance performance public. tale but go a XXXX of Dickens, Paris, were of it popular between just was Two paragraph was the tale it the book ever very I primarily XXXX British of revolutionary difference in wrote a written productive a of of you colonial showed terror. companies, Carriage the people I XXXX. height and of at of, about make low during by high of And reign And Cities in lot of to beginning lots say of London this a a last about period, into versus because the living Empire, in possessions most period the XXXX. living that

made outlined revenue, margins. I get positive, so actually in or get analogy And and but businesses declining to tough. things some the range compounded was and to low that the And to incentivize we their had low that all changed it revenue performance, margin and I else. people

when not know, hobby are an an wanting motivating to often is a You not That's be to that's also you sold. wanting have or pretty thing or Failure incentive. fail brutal. else, or

pairs if enough, COVID it this of because very before did is up want of to I ask up. we on that better ever all timely, follow you're can't Peggy, this to you you you we the thank can happened so one question just questions right. this, And just shows And and got be

to are people incentivized to fail. Our successful, be highly Not to both and not fail.

have We tables league every month.

what they've do, you're a to going failing. doing XX%, They lot you're got support have know of it. they If and

being Munger Darwin want this Wisdom, From don't in to naturally subsidized how you're very Darwin knows Darwinian That's From And because natural company, fail select thing. winners. a I to You to Munger, by book, it's to Jason winner. the selection. Seeking why a liked

have higher soap box I charge question satisfaction, revenue put customer market event, business, up. I we had an I or winners here want per for because share share. of we'll event, in the than get big to you to me are after a the EBITDA You grow I'm did got get with hope per mean, you limit 'XX sorry, And December and your big load and payments These accruals get after higher of paying we're get on you my anything incentive January, with up in less higher wouldn’t But loading in I February, for the have out. went the XX% our we of that. the profit don't don't coils no we there. and copper that and people we there's fourth quality answer it believe that they some an quarter margin, once numbers in like value know your payments they

she's telling Peggy, Ask hooked they're Man, already all. us now.

So support, it's we company, will that you let anyway, exciting much in game not your all you very skin an down. our all have in we thing Dan the and appreciate the and

Daniel Bellehsen

thanks, Terrific, Mel.

think a fun one. I turned recently, the Ben just to and I right arrived party into certainly early. picked I a really it little too As I said

hope happy but for do here, continue be to you guys important patience ride So well. along was to the and

Mel Payne

will wonderful compare day I Chair, you still he he again. Executive Chemical a lot an be, be And still I around. year, company, and hope not it reunion picture do year Chairman him. Kanagawa. got to until I'll look a to hope any but student I the had was make man I every up, a we age lunch he's to from Chihiro the his away. every him mentor, a you Unfortunately, learned to want I’m glad Kanagawa, can't my his Shin-Etsu CEO, me to and of last He's Japanese At reunion year, a just Chihiro be blown by way,

Operator

Thank you. from the company. comes question from Sidoti of And our line next Chris and McGinnis

line open. is Your

Chris McGinnis

congrats differently courage, was that putting for just at I operated up my Hi as again, Thanks nice than starting detail some sector in the on the and it way good you approach just up taking how employer go all over prior in for Carlos, morning. business your maybe success and forward? guess did as always you at Thanks. this coming I had Thanks on here. question. kind one for the numbers questions of and quarter. top setting

Carlos Quezada

Thank Chris for much, you very question. your

called traveling steps visit it's, that there's I properties. that to also within a them second the really And, those property right. a plan around a of sure is comment. everything one with, that we making for creating takes quite some what has been as the restrictive And been environment, my of have right. support, of every opportunities, few is, that, So to starts the or very to even those piece course, one have single the the I piece And recognizing able And challenging possibility COVID-XX third task, though a results with understanding opportunity and previous the and each properties. is sky possibilities then to of care blue in each

to have be standardized is mindset visit those arms support the in that we're to complete with building tell and you, cases a relationships to that the it collaboration, understanding welcome happen. change able customers final manager involved work. the new, been building partnership leadership change the entails from that know, it then plan what and trying managing is got the senior make the the and approach, to received And I step of involved It you self takes cemeteries change having managing that local, and commitment partners of adopting it and the to over But meet having full make I achieve. to needed support nothing the of relationships and team those is change level but things So centralized sometimes be, really, difficult. the and and to is and would and to in partners I've

of just So a preneed I future feel the This up sales, are lot Carriage beginning about really way. cemetery coming of is very phenomenal the and our things out services. strong for

Chris McGinnis

I appreciate luck that. Thank much you and for very good QX.

Carlos Quezada

Chris. Thanks,

Operator

you. over time, now this call at Thank back the Payne closing would remarks. like turn for the to Mel And I Mr. to

Mel Payne

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forward So in you look and progress the future. reporting to thank we our

Operator

concludes this today's Ladies Thank your conference participation. and gentlemen, you for call.

disconnect. now may You

Carriage Services (CSV) 18 Feb 212020 Q4 Earnings call transcript