CSV - Earnings call transcript Q1 2021 | Carriage Services, Inc.

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Operator

Good day, and thank you for standing by. Welcome to Carriage Services First Quarter 2021 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Steve Metzger, Senior Vice President and General Counsel. Please go ahead.

Steve Metzger

good and operator, you, morning, everyone. Thank be we'll discussing our results. quarter first Today,

supplemental the related public This archive have be and including made release audio today. posted website later made information, after release, Our recorded, was will closed, conference yesterday is earnings and our page Investors of the being market this available financial website. our on an we on

Ben Senior and and Brink, Paul Vice by Senior Sales morning to Vice and Vice Chris Acquisitions Senior from begin and call management Chief myself, President Marketing. Executive President Manceaux, Today's Payne, Mel Vice Peggy addition Elliott, call President Chief Regional formal followed Partner; Senior Regional Officer; In and management, Vice this will remarks Chairman from Partner; Quezada, Senior President Phillips, President Operations Financial Analysis; Regional and with on are Shawn and a of of Vice Schappaugh, the Carlos Officer; Partner; period. question-and-answer President and

those that we made future this such both make website. to, factors could from statements statements. Any our projections materially include, on beliefs, the call, or which statements. our cause in everyone These with are actual earnings are filings both not limited some forward-looking. risks team of forward-looking identified I'd and results those These we comments release uncertainties contemplated in to the differ that available during expectations our like are Before but our state our risks subject SEC, and in will management for that plans, uncertainties to forward-looking to and are by remind begin,

as can And to of to GAAP financial we'll to the for morning. call, call this well in turn press on reconciliation certain measures Mel. non-GAAP now, found non-GAAP our website. measures I'd you A joining this the be earnings Thank over as also us our these release appropriate During measures. also discuss like

Mel Payne

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you So good a how real of organized. sense is Carriage get

any candidates thinking for for Regional point the Shawn joining person he's Partner the are So but about that Central, Carriage. succession also new is planning and

So whole go a here we end him, new in And I'll something it maybe There's about then cemetery particular, sales. There's about then in first our questions of Shawn lot momentum at will to letter have in the in X today, the elaborate on about if the will and to those shareholder questions 'XX. you a turn over acquisitions Carlos. additional. acquisitions, lot that, made

a substance. lot of So just there's

XX a with more whole cemetery XXX a than over home lot are company months. last funeral and We sales the almost in

to that industry, I and with to company lot And to understanding. you culture of forward a of point is you. that If refer look that to why material get just we want you to to happens for there us high-performance a as that in discussing understand be reading

So I'll just, turn over Ben. it from this to point,

Ben Brink

you everyone joining today. Thank -- the you, Mel, for for thank and us on call

their team of in What communities join year, dedication the to Carriage that Our excited course to were of continued Carriage belief rest to here at the Carriage. simply of here flywheel in our our incredibly our and past the for the the the results them First consistent come. tremendous thanking them managing by high-performance I annual accelerate our we business. quarter proof teams high-performance their and concept results their and over and flywheel the performance leadership at even ideas the faster are of view across concept see of incredible teams The indicative our businesses of XXXX high-performance their Then remain theme. demonstrate years for We first operating I and validates work our accelerating earnings are strong have for phenomenal power and every with in these Who, partners potential of our and financial role as all

results. Now on to quarter the first record-setting

margin consolidated $XX.X EBITDA our adjusted Adjusted quarter, margin XX.X%. EBITDA share industry-leading $X.XX to first $XX.X And increased quarter. margin total XXX.X% per for earnings an million. increased field EBITDA incredible diluted XX.X% to consolidated margin increased basis points $XX.X increased the to and Total share. million, increased the Adjusted XXX% per an our XX.X% to to revenue For XXX XX.X% EBITDA XX.X% million. to field increased

Our XXXX results funeral per individual on February, by of like respective X drivers strong revenue higher for January of our across in continued the I Cemetery in Home managing teams and in volumes Shawn businesses; momentum cemetery and average Home to their across experiencing year our and number the a trust comments. will trend integration dynamics successful at contracts fund our additional entire in published the performance pre-need detailed shareholder and Beginning reports we revenue. our home are recent end ago. in the the and releases Funeral Mel increases financial almost press were mentioned, and with repositioning our in release, our continued have report performance Mel's in revenue programs; segment; XXXX; the into partners management momentum insight operating In from a data driven of pre-need included our XXXX quarter provide of their of performance investors contract results. in financial Funeral their subsequent granularity executed all greater have let drivers X-quarter of by into and high letter, our margin earnings the made sales increase to included X-quarter an greater strategy real we acquisitions the and of with Carlos and expand our In segments high-performance the in financial third order the entire segment transformative transparency actual company. trend and provide release, our sold time Cemetery additional amount in happening we most record property and the by our pre-need operating into the incredible highlighting we quarter

the included is here hope quarter, million more pandemic. level quarter of compared and our in from As this trend, increase understand drivers a Carriage transparency, the evidenced recognize in high-performance approximately will that and traded better million investors is year. increase at businesses earning and We overhead our entirely expenses Carriage. during in the our not severance to potential not supporting transformative normally $X.X million additional last the our recent performance, overhead but The power the sharing excitement future large the the attributable in increased of of publicly incentive first true all importantly company, of X-quarter about only related help accelerating areas In Total we earnings an to to overhead compensation. to expenses in $X.X $XX.X have. retirement total coronavirus seen

rapidly. year the first Good increasingly brought performance the decision compensation on increase uncertainties In our incentive our ago made by we in With improve particularly for X the within to to the these in to XXXX, we accruals a to businesses awards incentive quarters reduce annual following emerging accruals, field significantly continue Great the had quarter. as pandemic, incentive the

in incentive additional our compared and we quarter first compensation our that compensation paid or their pay accrued strongly we for $X majority teams industry, $X.XX That mirror to the still paid $X.X the in partners to out put our incentive in compensation XXXX, the of increase million to to for happy are being businesses. incentives we Our million the XX% managing the accruals XXXX, the quarter, concept equaled partners are in for high incentive it managing of XXX.X%. increase another for. the XXXX, for with being the way, The saw our $X.XX first their approximately compensation performance and of field approximately of best teams. incentive with our performance. we is increases In increase increase in and kind those compensation accruals EPS accrued high the being field and of additional yet accruals with in To believe grew

the a has of a trust portfolio compared strategy XXXX. high-yield almost discretionary performance of for since very and that trust our past X.X% quarter the beginning that the correlated investment to return outperformance for began translated of XXX execution X.X% in The Our repositioning our benchmark. XX trend X.X% the a XX/XX directly trust the The over XX.X% XXX months trust our in S&P return of pre-need total long-term first is the our continuation a bond/S&P fund of funds is annual fund quarter had to first ago. of XX months funds into

trust the million, and our $XX from while our part that of that financial financial of we trust death. foreseeable EBITDA performance million, primarily trust service and investors of higher increase stated rather be by revenue recognized of in recognize and has XXX% XX.X% trust higher In perpetual and our cemetery a of million and sustainable perpetual cemetery that current our EBITDA long-term increased are generated trust in financial These What from realized management our between of million care primarily results pre-need XX.X% reoccurring not are is and yet and but revenue $X.X a fund for capital trust contracts annual year our capital our primarily to EBITDA portfolio our increased funeral they fund EBITDA of were the merchandise increased to values earnings of and funds correlated the financial realized through financial successful in from -- with fund $XX gains revenue approximately EBITDA this XX%. strategy, The for track period recognized our income to within result the financial through pre-need increase in XX.X-year As the $XX.X care and are the gains has time our income the in benefit future. increases is financial -- consistent plateau and fund record revenue our important of portfolio. increases reported for And first to in annual yet the onetime earned unrealized in recognize maturing significant income occurrences, revenue million to trust. the cemetery at expectation driven in our margin and quarter, for $X.X discretionary assets. is

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in Last flow metric order last year, million we margin creation of necessary ratio allocation our down total for power $XX business dollar the of X, to after cash to margin in allowed to XX January post self-financed adjusted totaled incredible a value of below amount reoccurring the forward. leverage at introduced and operating growing of positions future Oakmont strong expanded our the to to adjusted all cash shareholder free interest adjusted flow produced -- pursue have we will or debt that cash our over cash our rapid have senior policy us months, through and XX.X%. every on free pay Carriage total matter allocation from demonstrates our current X.Xx profile demonstrate flow earning of For a has of Xx notes cash peak the majority tremendous adjusted of credit for The Xx the $XX.X free reduce our and financial past a flexibility capital our X.Xx acquisition normalized flow, capital debt and refinancing months available performance ratio allocation. maintain The lower allow of leverage experienced cash a XX to XXXX. of consolidated and an rate. to free approximately our debt improvement us This opportunities is of million the as capital which revenue will moving be to by of

use of X-year across because like here We XXXX ranges financial Scenario are term they to Roughly again Carriage are XXXX excited increased provide all forecasts, We performance wrong to Right updated Roughly sure be metrics. with at XXX% and the Right point. good some all at for once an

our the momentum EBITDA $X.XX. expectation increase gives $X.XX performance operating us share to $XXX though, $XXX our to to portfolio approximately Importantly, our we to the increase million consolidated XXXX increase per diluted of XX.X% consolidated continued ranges margin to to across range adjusted adjusted EBITDA earnings adjusted confidence million, for and for and see the our

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flow $XX in be million cash free from grow adjusted to forma pro there. and XXXX normalized expect We

the growth in home cemetery These and there coronavirus the in plateau family the field a a more scenario. remains will ongoing offer we believe we it vaccination gains revenue revenue and of plateau our funeral the While share cemetery and updated achieve higher volumes, to death the impacts at same local financial on -- the a uncertainty regarding campaign value cremation rates continuation and funeral rate -- outlined as the pre-need a much cemetery particular drivers sales control will of increased sustained continue higher and to and have revenue drivers sustained choosing home growth EBITDA. to contract we pre-need to have funeral market our ranges in include lead number of within portfolio, EBITDA margins, the our across average that cemetery per higher

performance form incredible driver allocation not disciplined call joining lower on of capital X-year said, invested any come I interested today. potential what on release Relations lot website, our our tell most information. Investor at earnings on our an high recent performance here a out available is that, our Carriage for Mel's lays is and take those to vision of Again, a anticipated cost capital. the scenario repurchases. in share an future or Our review, the performance the to in publish our not XXXX increased story I capital from everybody encourage Mel will include acquisitions everybody from and higher Therefore, turn will recent over letter, capital our of does documents. understand is the of us reiterate in of It allocation additional I shareholder future. returns transformative continued earnings for the with And that read, Shawn. clear to included Thanks. company ranges, thank time growth we coupled call with To that

Shawn Phillips

Thank you, Ben.

the In COVID our that low bus. was XX businesses back quarter primary performance all XXXX our look changes with company million the revenue from performance, changes and underperforming in same-store which first February drive and who we XXXX, several increase occurred to first I ensure quarter high or performance from partners huge on quarter of the $XX businesses to of to up same-store Paris performance. have London we've partners, moved that As leadership the managing was entire XXXX. our leadership managing January right XXXX, funeral our XXXX funeral of the on Since in our our the driver transformed we September revenue made first high-performance The reflect in in versus deaths. spike XX.X%

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Carlos Quezada

earnings Thank X update, you, to cemetery us performance our been sales acquisitions. was high-performance to in our both Carriage pre-need above I'm on we our cemetery with Shawn, and and excited thank today. sales XXXX. you all XX portfolio plan where performance consistent transformational and highest for quarter same-store growth XXXX is our present able pre-need you when had Today, QX This which in we high introduced February the sustainable history, sustain in to sales I release. being drivers have

to starting an ending same-store over a or margin For is which example, higher-end very over writing of QX our during performance XXXX. our to high. XXX and the was XXXX field success growth inventory all-time same-store of pre-need The a comes performance at-need same to XX% focus more revenues is from sales XX% sales did contracts that in contributing while impressive total and an and additional approach our than sales we QX cemetery both acquisitions pre-need the cemetery normalize, And XXXX, at an in cemetery XX.X%, sales period. QX XX% period are led EBITDA activity-based combined on

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Mel Payne

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Ben Brink

Yes.

Mel Payne

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Operator

[Operator Instructions] question comes first with Our Research. from Barrington Paris Alex

Alex Paris

Congratulations quarter. on another great

Mel Payne

you, Thank Alex.

Alex Paris

raise. performance Well, the beat death for, and results first, Carriage a something I match that the all Services, time as is best, The investors in know looking as been has we certain stock. And think quarter Services now that financial life. for it's the so-called that long in Carriage have consecutive Carriage becoming certainty of desert Services at fourth island

congratulations team, few So on funeral again. Starting may. of if questions a side I have for the I business. the the

it is on the and also funeral, at-need this applies to As -- not call just to alluded cemetery. you

the the And To time reports. Obviously, you averages, year. normalizes But is of attribute revenue transparency impacted of are or burial comps both COVID. and per cremation? April, you the the in easy you this quarterly at due funeral first to because put the more contract what onset and increase doing in over in moderates improvement months in averages? subsiding, increase growth the seen March were do significant volume to that are we've the pandemic a they the given As what average the both

Peggy Schappaugh

of holding October, to of we services. home we're we with happen and that the can more bottom June. last after last the year. a in the educating have -- it families are in of they average on work them up Alex, what's May, COVID comfortable November. improvements educating their as with on more creative it's our really And it. went possible their in March dip what people But for our hit loved more because our From question. But more lifted, are But and because a in celebrate December, We outdoor have becoming some how partners also, Peggy. from away combination of with vaccinated, And then possible getting what's see really very managing growth are I'll people bit on to We partners we life then people February. and don't great in a on that the more the comparisons we January continue are being averages -- a April states conversion cremation. and seeing focus and our small cases funeral Saw we little dip and year it. It's up, gatherings. starting families and opening becoming of in saw really creativity March the the commission can really answer as that are started actually May run restrictions now see perspective, thrive managing were in had just They're ones. teams

Mel Payne

it's Alex, Mel. Yes.

on malarkey. be bunch services Early I for -- choosing to and on. a around Peggy so pure this behavioral Forbes would a people The to article of change, cremations, permanent burials that implied said. on Just what all add this shareholder catalyst mentioned in It's the direct letter. cremations,

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off Their initial in a volumes already are. for then better going going are we of because revenues worse is Pennsylvania New the broadly, normalize the what Massachusetts, so Long outbreaks we down. then. got races New to Connecticut, we this And because better. we're we're got But We to Jersey, Island get is We're drawback and Carriage. just again before. not seeing with think more higher and And than were mild Orleans, to we than thing

care So why a that we in funeral it be death this nature the just That's call and the of happens company industry. is to adaptive company. an

you the a those things and is the nature in tree, lost close start this talking actual the wilderness, gets So too you about the to get you difference. recognize can don't company. And of

Alex Paris

to you makes perfect as job came a all that back to COVID Carlos the and an have and averages cemetery. down then that. spiked these good offsetting a company It's sense volumes other of go normalize function. Well, up levers outlining And COVID volumes as averages And kind like due did recedes again. grow

last remember at Ming versus So anecdotally, last California? point, year, just severely the for I year, early to COVID. go how was further questions Carlos holiday this was festivities except Ching the of did days have say don't in year wondering, any particularly I Ching the in impacted I this Ming

Paul Elliott

same this successful. turnout the as XXXX. is It wasn't Paul Elliott. Very Alex,

looking to However, success we favorable. some in are trends very in April good our and the event, were have able

Mel Payne

I I that want where another Oh, started don't the all company the it. coming players they time. who X would players. is. sick when But cremations, I'm told cremations. were of after less thing this Well, the and I the I driver were in want we other like I is to. tell X you, But back XX%. -- got do somebody is cremations and don't can't than this hear when Alex, company who cremations, I everywhere, that was talent I our because

we're XX%, they're like crazy. Now and revenue XX%, growing

So me that little "Thanks for answer it? I asking did Chris, a you why proactive question." and want to don't be say,

Chris Manceaux

Yes.

having it's continuing sitting the allow -- based having all with life the when these with through what and about So -- one life we've accomplishments and really stories together providing it are whether that putting families conversation the we're the of family journey with lived, is haven't and we're or -- choosing cremation the from gathering on that through through Again, what initially conversations options in family the hard to come participants we're down, in celebrate a service, learned conversations, share accomplishments. family their we've been all the no of very slowing down, life, options a gathering. who the working seeing it. while and and about the and with thought small service loved the large families, And they learning

is So celebrations. they're rate we're having gatherings to have take-up our still service, families each starting starting small or -- choosing to improve period. no Where are

Mel Payne

cremation mean choose a the And taking XX% years And cremation lot that's XX%, huge the positive. one the And to in shareholder company that surprised on in a to as ago next huge cremations. opposed we're huge a will years market share the is and Yes. this in all when letter. averages I spite cremation of greatest because secular a I the area. families X over of they're upsides XX or It's higher of change now. But continue. going opportunity disposition. the negative. Most the XX I from of started don't method of I And -- the value mean, cremation teens the explained

Alex Paris

now question on probably M&A. And for the leads for last me Great. since for Shawn is the he then point

activity, what you post closed Obviously, You're cash haven't think, M&A million in are X, future going guidance one -- for to January forward? does refi outlay. M&A you there of going -- was done your haven't record a I XXXX. plans any $XXX acquisitions, include While number not since

What presuming what I'm the you You've that been refi. in there? get integrating And those, looking integrating those we back expect to game to? M&A successfully. consolidation you're are should post going

Shawn Phillips

of during this with. candidates partners a we acquisition Alex, So would had that our we like conversations to of lot that a be even with I've targeted time lot

I -- calls. XX the you probably continue the personal model back So back shareholder tell XX, the probably days, can we'll Mel as acquisition of we in and picking communication that up. very has I'm to and strategic But again, it. I've we've up. had currently for never But front about at, the or XX sending letter myself is stopped that is picked the that well. communication with our shareholder with What start up. what getting picked letter them. out activity activity doing look has But We're going on Last path

Mel Payne

to of his own broadly. XX performance now before joined of They want on high-quality acquired huge we June us way cemeteries. outlined, he's of combination all owned there's candidates. that and everything all. that. And That's on existing think what It was were we're sitting X-player them to one point XX our we like never We made out bought way done Since and those another cemetery own cemetery on have said. cemeteries, them. about right about difference a portfolio get in here, And Carlos cemeteries that the we But view are acquired We the to then brought how we could has going more businesses. think XX and it. acquisition team other you

Alex Paris

in Ben, you sneak then anything question. plans And the more one great. didn't about say That's for CapEx year.

that million to number? million. quarter, good a you last still think $XX said $XX I Is

Ben Brink

year. the and making in We more in CapEx almost that than around throughout Really just range growth million inventory I'd full We'll have the that cemetery probably investments Alex, million were historically. be we evenly we're CapEx. big between Yes. $X for focus quarter, for maintenance developments. total probably say the in split year this over $XX

So projects now. very and evaluating right started excited are we about that that and the getting

Alex Paris

year, growth And CapEx. XX-XX the for full then

Ben Brink

and That's be Yes. $XX Yes. you. is -- the $XX Thank to going number. probably million million

Operator

Chris question McGinnis next Our from Company. & with comes Sidoti

Chris McGinnis

just quarter. reading the Also, letter, prior shareholder reading I thought Nice ones.

You of learned business, a obviously, the information insight. a lot and but about ton

for on a competitive just again the thanks And that. quick to sharing question, numbers. the congrats ask around So just I I wanted landscape. guess,

just to fragmented And are Are guess are And just come starting operating you a then of that know presents share. just you? But still that the opportunities M&A you in a they us the you. that little more opening taken and that Or time M&A. environment? bit You've how more harder up back? of what's about seeing does just play for lot they into open tell -- a happening I the talk having I maybe them Can the with market? fragmented market about up? commented opportunity Is you component strategy? the operating for

Shawn Phillips

lot you Shawn. out is we that do to can our We're our were This to Yes. tell of I with that things our IT strategy, a able competitors to not. businesses were able get quickly.

don't the thing, doing were in up next our lot like, not or the probably services. to direct cremations, really going of I hear know and offering "Let's I other were So only The people lived." where partners X were Chris, if months. translate managing over is celebrate into direct it that's competitors interesting our we're out burials They see it doing what a life market. to in the XX activity. they ramping But as again, M&A story, see do bring

Mel Payne

But might on, Carriage, us like Carriage explain who this the what -- you how were Shawn, could of Chris terms part and of how including Fairfax. some of joined -- ones Rest to if you so in and spread Oakmont others, Haven

before tell goodness, we You heard you, happened. joined this thank them Carriage

Shawn Phillips

Yes.

Mel Payne

there get in And we out how do you the end? -- how that do

Shawn Phillips

Yes.

from managing were were whatever it we last So I did. couldn't needed, lot heard with our was. provide able -- partnered do said they the we trailers, we especially a independent, from refrigerated PPE, if we all necessary they support in to a I've it we businesses lot an partners, that directly a that, be whether Chris, here of because the X of couple there's mean from

them family. find wouldn't They're to to the supplies go So to distract focus to it to have those try support. that on able of serving

community. So that resonates the out in

And that that see provide. Our support we see that of level bigger, competitors businesses happening. can better a

Chris McGinnis

capacity Great. to at get operating this they point? guess are I Or tougher to normal? Great. just of starting a still back kind And in they are

Shawn Phillips

businesses? Our

Chris McGinnis

I competitive asking that the that competitive was I So guess about. landscape -- landscape,

Mel Payne

don't local grow partners, we us what know their here. why back hard are managing pay partners We and compound data to that's to they're but We're against competitors Pentagon. for incentivized It's our doing to know. our and attention into volumes follow revenues. managing And

to I based competition. our do, on wouldn't be the we're want so what And seeing own people

Chris McGinnis

economy that the to the going do clearly. And you COVID it a approaching How different, you're just prior Carlos. that? you as see the market as talk in can to maybe how starts In I normalizing with open? then to pre-need, guess, that just the Yes. Clearly, was for question environment? well now about And

Carlos Quezada

Thank you, question. Great Chris.

right restrictions in as last that they there's yes, passed, sales earlier driver pre-need is really their So of currently to on be year, that daily through is we're if their homes, family of to have family appointments to basis, members to next family seeing already at those with their of family a want to which well for get -- opportunities, that we and would their right? be pre-need, You starting families the reach doors, a and services be knock loved it's owners members interested difficult right pre-need families, the they to front pieces But out community want on have may main efforts. ones. they're to whether expand contract as see X grassroot pre-need which

the and COVID efforts the still pre-need we And so approaches, continue even X between to were despite of restrictions. these able

restrictions and are are up, As approach. more cities and that starting to of and be aggressive us allow counties it enable those opening and into lot markets slowdown to a us

booth, up wearing stores table, that's those all able we're of to in can but Some distancing able and information respecting of a secure engage and California, still set shopping done. grocery actually to have a to that, face-to-face the been we we social get environment, where provide that a protection example some where on course, we needed, can

appointments As we to as expand able seminars, this will and other get type drop vaccinations and be of fear feel that -- items continues, the of the in-house pandemic. families on then

moving up forward this and after So restrictions as get open honestly all more they we see is performance dropped. and more opportunity

Chris McGinnis

Great.

on QX. in Now I the luck Congrats and really appreciate that insight. good quarter,

Operator

question Andrew Fenimore. from [Operator comes with Boord Instructions] Our

Andrew Boord

It's talk you to to great guys.

a COVID, I everybody knew were just things going even But ago. better, get say to couple thing, but thank knew First is going Carriage. are I I at to years things you I get I mean, better to want a this to of lot better. mean excluding

of he school. guys Carlos coming high You didn't my only out And was just fantastic have job. complaint when done you a hire really

you've So done just great jobs.

Mel Payne

the fault. slow little on a are That's things my Some uptick.

Andrew Boord

you That's I revenue get XX really thank that of And my of to A cross-sell? those own a sure all per services one. can X, one those does a over One cremation? God. ground like right. doing number, follow-up, Like how maybe to time? on COVID cross-sell and you are cremation I'm What kind funeral, I'm planned the up ignorance, isn't at that And it what is what years, services going this spot have I'm average to. the about does bring like look you really long questions. not the are that work expressing really worried I'm -- but can couple never I'll influence when term, but is like a level?

Chris Manceaux

Yes, pick thinking it not of of the our families occurs. us time Most host, provide through of a a up service than rather share our their are gathering, it's it's is whether really team to to -- friends or we way services, very death assemble It's guide at another, initially this religious service to this Andrew, just Chris. these family information. And and life. about or to or our venue these whether all to allows some to family when stories information when host revenue difficult

process. this through them guide help we So

Mel Payne

let a Andrew, So bit. embellish me that little

lying was -- we called to call. You And entrepreneurialism, letter. the And this innovation in and saying, died disposition. I want going the about mother-in-law in growing section adaptation the don't cremated. I mom and They "Well, I being she choice. in a a wanted "Okay, when whatever burned coming And and want come that's That's other mom burned. bury get now buried. so is her body then to thought be say, thought." I something in my come that's that So in and want." really I to along I there don't hear I people we're them And both her." covered happens and I the a not "You of say, of thought up know, want be And shareholder decision and will and years, over

but to -- Burials and -- burials. Egyptian, because Now back remember. we than cremation go of newer traditional is thought that the

rules There so And think there and protocol can't they you about what are are do. none.

do can you legal, it's as long As anything.

anywhere without body. have could kind You or with the any service body of the

-- other do You casket. can a can a visitation have embalm body with the and

the blah, You'd is final casket blah. the to But and have person see going disposition open be could still where cremation. blah, the people

means even even after the people cremate that. know all after legal, And that to you don't You see, cannot kinds can it's can But as what the about with of just visitation, anything. there long absolutely no casket. services, the rules and embalming, are body as and do

of start was even products engage recommending start having and options, importance with unique out all for lots and being them and what kinds about final kinds to life find you there and of could a with that of disposition of the it and of beautiful So and about visit then then what And are come all you unless a you people options in what giving cremation. was do the various and all can cremates services, about kinds to them, them things, really you you then, do final of place still with things cemetery options after that.

a you is So to doing what why helps. a way up more And said, opportunity it that's like it, that's process. have do people you the it like don't with such we just if the the greatest And interface who creative with that is this family, people commodity. have. I wind the creative is something And right get if

Andrew Boord

of appreciate those really That's about thought outstanding. even some I hadn't I it. variables.

your and there are the BA you you only capital. great. that's questions likely debt? higher have, So that Or talking math, cost is question finance the is cost new cost The mentioned capital. of me. you mean appreciate and other But X.X% I those. a of of about some were I before black, Did great type

Ben Brink

transaction, Yes. invested impact our -- return end capital accretive believe we is cost weighted to capital up highly our meaningful our a going moving the on forward. Andrew, and average really refinancing be that's will what post of to

Andrew Boord

great. that's to period. Yes, close time We're Excellent. getting that pretty

can You that debt. call

maybe. a a think promise news it when forgotten I read but remember. X expect that letter, some days. I should me X, took I but we can't that? have was few I on June it may I details,

Mel Payne

at anniversary Carriage. cool June That's that? is X. How a XX-year

Andrew Boord

There you Oh, that's good. go.

Ben Brink

focused X it you're It and refinancing June on comes. Absolutely. -- those is as call correct. provide notes, Yes. is Andrew, detail the We're we'll date.

Andrew Boord

Okay. that's all. have, I I look to I all everybody, say you that. again Outstanding. read That's I've great. but I and the to really really forward Well, guys, those do thank want them enjoy questions to letters.

So thank keeping for you those coming.

Mel Payne

of just We And she and to creative never I sixth to Barbara. Look, had said, fast thank you life class didn't say wrote to teacher, day you, the ant, since -- it I forget "Okay, the end. And this smart day want relevant moved and the it. class remembers I'll X writing." have I'm Andrew. my no is know I in through graders an story you that. idea. Thank to grammar an a my Carriage? ant. the until it was now But real grade want How to I a with hit really that going didn't I about

Operator

showing time. further questions closing at this I'd back remarks. for Thank call no to the like any Mel Payne you. to And I'm turn

Mel Payne

if And team this know in to never heard players company. executive it's plan Well, our X why all else everybody you them retire, from want I and the on to you today. of

work. to come You

have You a lot fun. of

You work really hard.

really work smart. You

and take hope it work your support. you us. journey, much You take together. with for Thank very you we And you a

Operator

conference This Thank for concludes you call. today's participating.

Everyone, have great day. disconnect. now may a You

Carriage Services (CSV) 22 Apr 212021 Q1 Earnings call transcript