CSV - Earnings call transcript Q2 2024 | Carriage Services, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Carriage Services Second Quarter 2024 Earnings Conference Call. 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, President. Please go ahead, sir.

Steve Metzger

thank results. joining and our to everyone, quarter second morning, you us for discuss Good

to on and addition Shanley, Carlos the In myself, of Chief Quezada, management morning Board Chief are Accounting for Officer. Executive and Officer Directors; Vice of the Chairman Kathy call this

On Services can website, find release, earnings press the was market issued closed. Carriage which yesterday you our after the

between and GAAP to Carlos include is be non-GAAP formal press intended supplement reconciliation period. our question-and-answer of this with the release by followed Today's differences financial supplemental and measures. morning and information, financial will begin call including Our remarks a Kathy will and from remarks

Before call, projections our we that business, everyone some like plans. comments during remind about we'll and begin, this forward-looking I'd to make statements, including

and in risks are release inherently earnings our on and only Forward-looking These as be can identified of but as our uncertainties all as include, our uncertainties website. found factors statements our reflect to, involve SEC and risks filings, in of today. which well press not limited views

now Thank And us for like to over joining Carlos. this morning. the you to turn all call I'd

Carlos Quezada

for express progress strategic heart-felt call. financial and Thank second settling for executing earnings for continuous share my every quarter. you But to We're their this employee performance less. objectives, commitment I X-year in our to excited gratitude do, joining thank quarter our want which delivered to outstanding excellence our and all you, Steve, another Carriage we never before to

shared as for support participating real Accounting our thank We our in and a superstar to CFO for Chief to the our and our this Kathy company. I want dedication continues. we appreciate difference families search call for goals. Shanley, makes a new your serve Officer, commitment sincerely Your

some our relevant cash key ratio. share focus an on provide update Kathy our metrics today's initiatives. leverage overhead, flow our of will and most financial and I will call, On on

financial results. to on Now, our

our revenue a significant quarter, of or total second $X.X was million, increase For the X.X%. million $XXX.X

it another the mark is marks first quarter as surpassed time Carriage in second this history being quarter, the million of the This a single the we remarkable have milestone quarter first year. in $XXX

results exceptional $XXX execution in cemetery XX.X% pricing our or to strategy, funeral last preneed the compared sales a by and increase primarily phenomenal year X%. These per of funeral revenue our which driven by contract were continued home average boosted

success of the and financial testament growth as a our which positioned well success is planning, has our This dedication to us for as team. strategic continued

we $XX.X discussed by funeral As basis revenue decline $XXX,XXX revenue expected decreased resulting points pull-forward effect in slight volume of calls. driven prior we decrease by have XX look home total at each the operating segments, in or the revenue to our million. from This is

revenue a and basis $X in through cost field control comparable points to partnership of XX.X% However, bit make increased we has our a contract, EBITDA leaders. a increase revenue XX.X% $X.X up lower to over X.X% A million to our per or are field last our XXX year. with total which funeral field demonstrates unwavering EBITDA strong commitment, margin and total revenue compared million an average base in delivered funeral on cost able in

increase quarter last to the at same the We move XX.X% operating quarter $XX.X million an let's cemetery revenue. or Now, to ended million, $X.X compared year. of

or field last at of cemetery compared XXX year. a finished million, $XX.X XX.X% $X.X total EBITDA increase an cemetery XX.X% total For field million basis to margin increase of XX.X%, and an points of EBITDA, we

sales. best-in-class provide in day-in for and performance achievement we key couldn't determination preneed another entire our of be is teams Carriage, for their and prouder preneed sales day-out This cemetery to

the $X total For million or XX.X%. million, revenue, ended quarter increase an of second financial we $X.X at

an of agent the $XXX,XXX increase our driven at to million was the commissions compared the growth $X.X XXX% quarter million, during which ending execution same $X increase delivered continued in or an funeral general of strategy, the This by last preneed quarter sales year.

about performance future sales build we our to Our and upon preneed as funeral yield results, continues strategy strategy. positive continue we're our to excited

great period of to management we of the EBITDA continued our of XXX consolidated our XX.X%. to an for increase an As of or revenue we The basis of execution same consolidated the adjusted adjusted by finished points cost move XX.X%, $XX.X last delivered initiatives at and quarter, higher year. average success combination second a million $X.X contract million, margin increase EBITDA compared demonstrated the per

income prior CFO million expenses overhead $X.X at million agreement. related driven and $X compared a decrease more strategic ended million, to to $X.X X call. ended year. a an $X.X perspective, From decrease increase our previous review these our net Kathy adjusting the will for of This was XX.X%. GAAP income million, nonrecurring net at share on or later the we by When items, separation on details of process

share, EPS quarter to we very reduction increase interest near-term expense. of or per the at the additional positioned amendment facility ended with the well diluted unlock an to for of and of value second to in credit due execution the $X.XX Adjusted XX.X% are our $X.XX shareholders

at excited ranges: in We share adjusted million increasing million our to to to our million to XXXX $XX will are $XXX for results, very following total consolidated reviewing $XXX adjusted Kathy free million and the $XXX proud forecast, these more share remains to key that details operational flow of million. Adjusted revised $XXX $X.XX. of trends and we're diluted guidance EPS $XX metric our EBITDA guidance. to of million and cash after about $X.XX revenue, we're

second in shareholders. we last we communicated previously as deliver to quarters have which out continue Our X to the on expectations, X outperformed our what of performance we quarter marked

strategic yielding filled We growth our improvement results. disciplined and and on are consistent focused are with excitement and joy allocation, capital relentless purposeful is that solid X objectives, main

platform diligent we for and execution our find the maximize We our to through value remain unlock objectives, to these and shareholders. of continue will strategic will opportunities

to through our example, our For we chain strategy. reengineering relentless supply improvement, approach are

this from scale. our merchandise phase service broadly and for impact all in elevated of delivery during The increased strategy our leverage resulting will families client options first savings

year to expect savings are impact full Phases will X savings additional recognize XXXX. this and and phase X We in X expected. follow some and a

update, drive long-term a for As we help strategic plan continue quick our growth forward. to CFO searching a

While We this this conducted catalyst reporting creation multiple financial very value we be we what stage back of a we interviews, role have have once forward our this a as we at will best-in-class key to towards need and planning. look position. clear journey, fill vision of critical

plenty excited are about second to yet I Kathy. X-year hand will journey. in opportunities And we're where our in In progress with quarter it and closing, strategic materialize, our with are we we executing performance our plan pleased to with objectives that, over of

Kathryn Shanley

who us on all today. are Thank you, Thank Carlos. the you joining call to

As year full Carlos increased our we quarters guidance strong given a row. mentioned, for operational our performance in several

what providing cash for talk highlights, overhead can about we by the full start and the year. then flow will I expect

Results for million, year-to-date cash $X.X slightly $X.X which quarter million. and down the quarter the year included prior of flow was adjusted from free of

versus However, are million basis prior year-to-date we million million of ahead ahead. year $XX.X a at $X.X or on $XX.X

interest leverage The XXXX. our leverage ratio a of more will and in quarter reduction. us facility capacity have SOFR. which ratios, resulting amended the credit retained favorable credit we'll a shifted to new near-term recently and align financial also agreement X.XXx also for expense from our in BSBY schedule the We second agreement, fee We resulting bank

Be it that our demonstrates their our performance the amendment with confidence and this opportunities and for ahead strong banks Carriage. partnership the in lie

our focus capital our we disciplined on $X.X and to our Year-to-date, relates continue through businesses allocation. Growth to it million, demonstrate invested back to was expenditures. Turning $X.X year-to-date. into progress CapEx expenditures, maintenance as we CapEx capital have this million million year, capital was $X.X

of a $XX.X in in $X is million review, $XX.X the just million alternatives. company's overhead. prior This quarter expense the The driven of item the an overhead last versus increase related variance to onetime to concluded in million million the relating over resulting year review expenses G&A which this this expense Now, earlier notable for by year. to driven shifting anticipated the a strategic was overhead. $X Overhead was quarter, by

will nonrecurring is add-backs it in non-GAAP EPS consolidated and is reflected adjusted item a You for adjusted EBITDA. that note and our

spread of be course However, XX the million next $X for the months. cash of payment the flow purposes, to we the over evenly anticipate

had And lastly, period. Project severance, Trinity executive to was strong for and in compensation relating short-term of back million which we $XXX,XXX corporate the costs add $XXX,XXX incentive performance. $X also by Additionally, a our driven non-GAAP expense

quarter. as Overhead, revenue, a XX% percent for was of the

revenue, However, as percent was XX.X% executive severance, excluding a quarter. prior in of versus XX.X% year the costs strategic review and overhead,

to million. $XX Adjusted full the for full flow million remain in we cash Now shift $XX will let's for can free expect the the range of what year to year.

projected is as Although we we collected business driven which sales, our to cemetery primarily time. organically, growth guidance preneed by revenue are grow be have over the increased

expecting CapEx and capital $XX for initial lower to growth million land $X for expenditures our slightly for the which expectation. million about than maintenance is $X CapEx, are We million year,

For Project by our elevated Trinity. on to to overhead, driven execute slightly as strategic we costs objectives, continue overhead we expect experience

efficiencies the term, communicated, implementation in long initiatives. we However, and other completion is after as previously after overhead anticipate complete, of internal

more by we year-end. new a the schedule mentioned to as And targeting the $XXX,XXX of X.XXx interest in a of to to earlier, experience are leverage amendment. for of of I year a are We expense reduction facility the X.Xx as a fee provided rest for ratio $XXX,XXX credit expecting result favorable

remarks, I will turn operator prepared to to questions. back and the my it concludes open That over for

Operator

question [Operator Barrington Paris with from our We'll Instructions] Research. take Alex first

Alexander Paris

and we've congratulate on you wanted I to another which raise, been guidance anticipating. the beat

here a have of that mind. I questions couple come So to

quarter an of revenue pull-forward down contract. X.X% on in COVID, were per the average in effect of as funeral the by because offset largely Volumes First expected, services. generally increase the

announced last industry offset in than they contract. at different too least an the per by Service leader decline volume, revenue Not average unexpected what had partially Corp night,

we that little to I'm because than the I and on not half? some particularly February. and in should April you were we're surprise, going pull-forward volumes funeral call still year. but So next said the as have and the a said, March think growth weaker January about presuming effect second maybe How that a last of

Your thoughts?

Carlos Quezada

Alex. Absolutely,

volumes As calls, up volume to should quarter continue pretty sales feel we past the through pretty average. a and decrease but fourth make The of out in decrease year, able will through will be big in We strong trends. to of still QX to about third to increase, chunk prior loss revenue from we by be believe quarter have that a wash much show slight. XXXX. We slight continue shared

feel we confident trends and on decrease. that so quarter our third And fourth volume pretty able decent be to pretty current quarter should related have a to based we

Alexander Paris

it it the monthly lessening? -- And of How during quarter? first the the Was funeral point? at this you. in Was July trend this in did the trend Or Got another of terms then said go it what during month was volumes? way, worsening? quarter

Carlos Quezada

last Slightly year July. on volume above for

can July slight you So level volume. the expect see encouraged from comparable that decrease will funeral up we starting quarter, for see feel on third pretty overall a -- do alone, to perspective a of the year the home from balance still we we

Alexander Paris

that keeping the with would volume be the So that maybe volume Is trend third than quarter in reasonable? that quarter less decline. fourth decline

Carlos Quezada

Yes. expectation. our That's

Alexander Paris

Got you.

then what specifically the debt, variable the regard ago And with Okay. to interest the in was the on quarter quarter? year versus it rate

Carlos Quezada

Specifically to current facility? our

Alexander Paris

Yes.

ago. I had quarter those gave a on basis XXX In second numbers basis. same was year quarter, X.X% wondering it X.X% a it QX, versus you said points think last a lower. you I'm

Carlos Quezada

of difference point basis between XXXX. XXXX XXX second quarter quarter Only of and second

Alexander Paris

Okay.

So a or was it... similar increase

Carlos Quezada

increase. coming, of of comparison to clarification. decreased facility slight we coming year. to and size been some itself our usage the Very from point put last increase. rate have not the very Similar the of because just It's not We've it's Alex, is --

Alexander Paris

Exactly.

So was revolver less interest debt debt because less expense rate had outstanding. outstanding, lower you variable

at million there. the because million debt $XXX you year the of versus paid quarter think I last down $XXX end

Carlos Quezada

That is correct.

Alexander Paris

and related credit question agreement. Okay. the last Great. regarding And then

just interest think Kathy $XXX,XXX have mentioned less QX. QX you and I expense to in over that would $XXX,XXX

agreement? amendment on I think the extended credit you the the give us you color to term. can other What

Carlos Quezada

Number to amendment aligning to X of color Happy XX% lot adjustments credit basically facility. that. our Yes. resulted calculations. X up of achieved of things to from financial was a on bank leverage the allowance and the that our share EBITDA We ratios in

in facility the of of X term X.Xx, about on riding short-term a tiers X.X probably we was much rates X.X% will above over pretty by result decrease which expect the extending expense. years is savings Number will be X that next XXXX. through the interest the in Number

race the M&A remember, allows Also as you it's cap, X.X. X.XX, for flexibility was with to now a

banks level that So has in the reiterates we it have moving confidence Carriage. that forward. flexibility And the really high of

are with we pretty about very And excited our facility so we're where amendment.

So very that. positive results from

Operator

move Liam to from our question B. We'll with next Burke Riley.

Liam Burke

past and vis-a-vis very these that where you what margins in but a they bounce Carlos, XXs high significantly? margins mid-XXs the here. the created posted even Understanding quarter-to-quarter, number were were around, that when cremation high

Carlos Quezada

strategy all is cremation. families Well, it This an component we really cremation packages, have possible options call to to, has launched X fronts. families. for One educational basically, in a all what's a And to truly that it related is is cremation. our of but are let's choosing walk-through show them

in So increased as some with merchandise, celebration they a life walk or with service, recremation somebody a sort walks direct gathering. out idea, of a cremation with recremation with may with recremation

cremation contract And average sales of course, side. that, on per the is increasing our

has more That QX recremation last been to year biggest funeral strategy to home really service, Our the and between throughout is portfolio so X% That's QX rolled have ultimate and pretty less out we'll a an formally the goal is and decrease across impact goal. executed some piece. in recremation with much significant making X%, cremation direct impact. the from

that on second do we It they to of strategic doesn't The product. the part a and so down our with mean the based trends company. fee That with we a all they partner that for business. businesses services data the lot decide the that all on has sit increase categories a their most means the is X-year the what best that, merchandise pricing And trends, more of to across pricing can pricing those decision gains, review competition, market X only analytics, managing as including it share for pricing is including to make the they years. on up for make convenient see for on of the basis, advocated option different been

Liam Burke

cremation that On you burial adjust cremation? see note, in did growth traditional contracts both and

Carlos Quezada

average here? sales On

Liam Burke

No, actual contracts. just on the

Carlos Quezada

No.

down is the a right? X.X%. rate quarter, burial bit, So For little

cremation X.X%. However, rate is up

typically that, side using see to our to of burial higher X% the X% a QX on annual working to performance. make to to the really strategy continue on But up X.X%. is do that X% stays we quarters up seen an as higher the well side by so down basis, cremation And the average and QX trend loss on goes to we're and actually average between the

Liam Burke

why basis, they Great. can is margins, guess, then I you a they were question? vary, do And darn high it, significantly doing on which still Again, they lastly, XXs, quarter-to-quarter Or pretty but cemetery good. were higher? keep

Carlos Quezada

first did I say wouldn't They're sustainable But to That's and going the time. a second quarter. they're high a we Yes, great on question. over spectacular be quarter side have second between quarter. our

Hills for And that, reunitization marketing property specific really had had sales. these when season. you of Ming performance this about Ching Rolling a And Ching about spectacular think in of We million the drive of large $X we us are preneed out case the which Ming California quarter. driven helped and margins did that

preneed not have and the a journey maximize sales we there. to out of we because sales opening or have upside believe do been we we platform that because our close cemetery and lot journey, are We our our communities on that where have opportunities preneed still

Marketing, And results. Sales President Shane Pudenz, Vice the of support has done, good our Senior with and

X So to to the least. do -- expect number, pretty stay the to expect at well, this, I over X margins for performance them and next I of the probably to continuation high for do close years, keep XX% to

Operator

Franzreb Sidoti move We'll our next John question with to from Company. &

John Franzreb

how it's increasing has in to is the to those services of value I easy much lower ASP because how I'm raise to prices other previous of response about contracts? is with much that of start curious maybe a regards of that to the that have cremation the cremation. question your acceptance and

Carlos Quezada

question. That's that, I appreciate a great John.

ago started quarter, suite current I about the just this to track, really just really. we CIFA beginning when understand, To X.X So say to months the from have system called ERP at of Trinity. our we

we doesn't analytics, to have us but do some. CIFA So really much that information on allow

to is system the program purpose for to on us able data this call, some packages. of were we So calling give this

now strategy be quarter and new give have significant quite been we the sharing will as yet, a the side. and positive. at the on my to per as cremation compare families enough with quarter a many more is they've for take-up that, third seeing getting it actually expectation rate that comfortable on me on the second feel will upgraded consumer, actually on to something. quarter the in cremation So with but of recremation, feel I but know is this we'll more it how comfortable we average update as third that we're as a cremation call data come can you idea close to Not but It's that very

John Franzreb

And and heard in Makes kind quarter, or expect supply the done Phase magnitude the procurement Carlos. properly, results review, expect the done I chain in X fourth if X regards what to sense, do you impact completion by is to said your P&L? and you near of Phase you

Carlos Quezada

Absolutely.

we the merchandise, Prework around size and what X, and the the opportunity. our discover around specifically the right? to meaning caskets analytics all the more phase of areas prework So did to earns was other

can So was benefit caskets we be we creation vendors on with phase, selection of some additional specifically pricing because means of completed. And partner will core What had the and earn vendor we diamonds those That's creating agreements those strategy. strategy upgrades specific to so before the the agreements. get first It and better lines. our vendors means Carriage. It than alignment negotiating partners for a are managing choose of at ever on related with that from which work launched now is the and that remains the cremated means to diamonds, diamonds. strategy vendor

of do get to somewhere in X currently, end chain million then savings and the the between from phase X the execution that we expect X end strategy that expect in And to we're throughout year to from just fourth now the X front, of phase supply around somewhere On phase we of by just of benefits this $XXX,XXX in $XXX,XXX or $X quarter. do strategy wave savings, for XXXX.

elements there's into an and we over continue that and to as get and X, to go that potentially come more XXXX procurement other of front land $X Now for approach Potentially, million fruit deeper additional X around and on will we phase dives both first phase opportunity. X is somewhere quite as indirect XXXX. merchandise the into and really X then the the at least to that's low-hanging is the today phase there data and XXXX really the it and to But is capture that -- through and us XXXX. phase direct

John Franzreb

That's certainly that expectations half very to work recall we correctly, year, And I last you regarding surprise impressive. going second outlook is last question in the the the the But guess, the year. debt I and to continue had September. if rate one against a of

we So comp still about let December Am thinking a should maybe comps properly that comp basis a start me September about not? in year-over-year quarter or and a quarter. thinking have on the the negative the positive I in

Carlos Quezada

Well, we on both. we and drop you so we not were and September on a drop September, have XXXX, to quite second them back big specifically XXXX, even of if XXXX, go had expecting big a

comment not July is lower at for that there if an increase of again, a be both For than do expect September trends, especially to some on years. I least don't comparable, such XXXX. the big reason, expect, to came expected September I I drop. made out

and a And we be it was 'XX, surprise 'XX, surprise not 'XX, a but it surprise stand. could so it so was that's expected. But a really where

Operator

Partners. question to from ROTH with [Operator Capital move Kelly our Instructions] We'll George next

George Kelly

that next, you the there it, if of areas beyond over next merchandise X labor area X the the know that call previous could as to don't opportunity far years. out we the X that see sourcing? years? areas to over represent it's a the the if gave you or look question merchandise, or efficiency you're start targeting does by are I kind also phases potentially X guess or other kind significant as of merchandise biggest is, of follow-up other Maybe I of different that you answer on

Carlos Quezada

these is looking that really So bucket, at We give team biggest merchandise team us of audit already opportunities there an the is moved from an to are you audit that strategies external but we're we're savings, internal help big when that as I'll are top today. the but of going implementing. from other to example. an

fully January effectively of centralize some which accounts new should Additionally, XXXX, we payable are actually additional in system our savings. Trinity, to going X result to

We are phones, leveraging scale that thing. on technology, telephony, all mobile our type of

approach. holistic very very, a it's So

will We to cleaning more have enough close to a a it out with we And don't specific opportunity up make -- We sure single few have every that this commit work the as and to up not into procurement of supply strategy to XXXX. years over do able We data. this data category. it next just significant were but need to, move yet. year we bit to come just is achievable, chain on rest that want the recitable and we of there's that number been then on little to through

George Kelly

then that a EBITDA XX% a fair it call is look low over say next it, years? you just as to X XX-plus situation very the consistent maybe, -- is realistic getting back funeral out So margin to

Carlos Quezada

Well, so great really question.

things: inflation know, couple we some result costs, up over catching specifically As that's that that on But catching of to up we're of now, the of right labor, a transportation been still the that years couple close have doing you a front. to experienced right? we're and last utilities, on

gets that to goal. that closer us So

to continue average wash continue we're off XXXX. we side, just strategy supply to loss Once work the pricing on that a consumer, the track, I us sales yet. back a I making maybe get this to of right? of improvement chain don't the we really do margin that contract revenue that basis, recremation on just be our once upgrading pull-forward -- to should that as slight and comparable revenue that on -- per be feel encouraged there's the on but deliver strategies we're effect no will we pretty that the is XX% probably grow we this expectation continue to able from right up expanding and impact, for mentioned, volume making significant But for to expect that will get on XX%. Additionally, QX, not strong be and through to volume. But

George Kelly

your Are Okay. still are assets to then question funeral consideration me. last then noncore about year, That's for business. more helpful. that under sale? commentary but and is early there And positive. about X your anticipation just I for Thinking back volumes guess the helpful for year quick likely your to at on was this the pricing, ones And turn Maybe next second volumes on is year about year, just end of most pricing. question the next

of continuing year? flattish kind Are you're do of anticipating just positive you ceiling it will next there, close back think or to take kind to or to and you slightly getting go a hitting for pricing

Carlos Quezada

confident feel that throughout pricing strategy we continue QX I will our and QX.

board. where meetings We We directors review just we suddenly managing operations across can't are. partners our and with our go to have quarterly XX% of the through the regional partners increase

but it's So and lose with want ability slowly volume, because we been increase to volume right? this the don't to We compete. our price surely have want to balance

your we're kind for QX I but to to doing. perfect the where as pricing share market that relates increase which up trying XXX QX. I'm gain to to But basis that is And continue expect continue Steve and to do on to meets volume like to by with it pricing, maybe improvements, been divestitures, going to be far And ask have we've not QX, question so maybe on possible, what question. some those answer as continue to if meetings see demand is points as big so XXX of we the done

Steve Metzger

year a more news noncore of million still a closed assets, they're for earlier already The is, proceeds. they profitable we've couple than divestitures, $XX little of opportunities. are this at for businesses. So in for couple us looking while a We're deals other good

looking premium of opportunities us, several really is have we So makes the sense at. it where we're kind get but that making significant to enough sure we for

that is prime got real EBITDA, we've we're momentum some excess for some like category, not our excess Secondary some estate. do is in We losing where in because but development plans have not land that future we any locations.

as EBITDA the million end we with get $XX we of think million a loss low year, $XX good opportunity and potentially to on look between the ahead that. to relatively So there's

So next well quarter, it's to report we'll but have more far. progressing so

George Kelly

significant. Wow, that's

Carlos Quezada

George, that just a little more one. bit to And add on

as year we and to continue we'll on do the important execute about highlight divestitures, X.XX just those paid down that's it end with we our able right, feel some is, compared and ago credit That's of to we be turns a plan significant. million to from our peak the work delevering. on year, of to Our about facility, that before very the in is have $XX year, a on plan

we'll see savings credit find our of this you we seen, as savings And some down on divestiture paying to debt. And from and some the as September our from Fed as to opportunities type a have potentially. potentially facility execute front, expected we'll continue amendment accelerate that does commitment

the now. position, very our about as about plan journey So our execution financial excited about of of our right

Operator

the conference closing back at remarks. over or there no appears to this like further turn additional any for I'd It time. are questions

Carlos Quezada

call. great at everybody, excitement, of and full and joining you, future opportunity our enthusiasm. Thank are The for is filled we Carriage with

Our ongoing and us financial continued the strategic year initiatives in and position for progress over growth. past strong a place innovation

immediate extends Our focus successes. beyond

on enduring value progress support, next shareholders foundation benefits forward the to Thank for for you our reporting and interest long our for call. look we are and that your term. We our laying the

Operator

your again you call. today's participation. Thank concludes This for

You a disconnect, and have may great now day.

Carriage Services (CSV) 1 Aug 242024 Q2 Earnings call transcript