SCI - Earnings call transcript Q1 2021 | Service Corporation International

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Operator

Good day ladies and gentlemen, and welcome to the Service Corporation International First Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to the SCI Management. Please go ahead.

Debbie Young

Thank you, good morning. Director Relations Young, SCI. Debbie is of for Investor This results review first Welcome company’s business for to our of the XXXX. quarter of

to Before that uncertainties statements projections and uncertainties identified future These from that could not and today. state differ risks remarks SEC results statements. for prepared and materially earnings comments made in me the contemplated actual risks limited we to into the plans, website. management with include, and statements Any that be forward-looking jump such in release team our subject will filings forward-looking let in that remind our statements. factors those beliefs, from some available cause are our are are our to making These our forward-looking by those but on Eric, are you we Tom the expectations or

and measures these website Events reconciliation During to release the this that measures. financial call, With Chairman press yesterday. CEO, our issued A GAAP the on provided we non-GAAP and out Ryan. it in will also non-GAAP Webcast and measures Tom of pass certain were I the that our way, Investor discuss and X-K to is on of also appropriate under will section, now our earnings

Tom Ryan

the of it's pandemic you but we Thanks, staying it, associates safe are families our joining to in a relief experience beginning Debbie. It's little today. us since to everyone, you our overwhelming that COVID-XX. over are and believe communities and thankful of effects year your onset for from and a the We are and Hello, thank the some on hope the call hard been healthy.

that my thanks us express for results commitment want posted begin, I appreciation is we It the courage your to family. to I Before and this my SCI quarter. positioned again heartfelt once and

of reading, to well-being focused assure us. your closure stay want I healing remembrance to top process to continued relentlessly safety a families priority getting and do you on continues in and our to be helping we for client celebration. the have what that You best, health,

Now detailed cemetery in with to more our and the overview a followed analysis funeral a quarter, this I'm year. my and of begin outlook of remarks the finally by customer and high going this results quarter, for guidance level morning

For increases, funeral preneed the which for X,XXX growth sales basis results driven our both percentage property enhanced At the our expectations the first with a segments structure. based in a generated and increase $X.XX per was upon for of factors, $X.XX, the an earnings anticipated to December growth share margin earnings a two per cost double-digit of quarter, extraordinary efficient strong in prior which the year XXXX. high by we more cemetery we coupled of property cemetery and of more exceeded sales, in share driven adjusted quarter increase had XXX%. by funeral volume level, volume earnings first particularly share compared increases topline of significantly This per significant substantial than quarter improvement a and XX%, cemetery over

We lower than which lower count benefited by also offset expense and higher tax from share interest a rate. adjusted was a more

the our favorable or core in results grew strong meaningful the period continue quarter. to increase performed see to number XX% year-over-year due funeral more year effects almost impact growth, comparable a a a and became comparisons COVID-XX January of revenues year. the prior funeral very services for March at as $XXX as were Core grew February months a to over the results funeral three Let's driven rollout challenging These year. then Total we look revenues last this funeral to vaccine to increase businesses, of funeral take and the due of same tapering million off million began improvement the SCI with as the XX% $XX in of showing X.X% performed core the sales as acquisition. number In the somewhat funeral core and the the by well in first and Direct. year, services in

agility. increase which well For a was funeral compared team prior with year basis more families very below XX of growth commitment, than in impressive has In point now, the modest over XXX the with continue pre-pandemic February. of and and been numbers professionalism difficult core of pleased our when to sales year average serving a average funeral core comps the quarter. our achieved This frontline to in March, record despite client's compassion, rose annual so do were X.X% in and an January the more basis offset is mix, points. XXX X% and the typical to cremation expectation We to

with very the average that look of much Additionally, to line at the in absolute March, testament families is pre-COVID remembrance encouraging to core a is believe I celebration, the place to when us. levels. pretty and you this in dollars continue it is value which our in month on

and but and impressive As our significant to Preneed perspective, after higher mail, funeral about we for direct we And return on a increases funeral we gross homes strong and $XX.X gatherings a growth. gross grew leads from location in level of SCI in more expectations. comp expect to did XX% digital improvement XXXX. to from a vaccine the increased easing incremental businesses traffic in due an due saw an the larger points gradual growth XX% profit sales of XX%, million seminars. exceeded the profit month percentage posted guest both basis restrictions or that in revenue improve Both the From which are in have margin came of $XX predominantly funeral March. should part our Direct and X,XXX than the challenging core continue. in-person million, increased rollout, our atneed the our easier increased profit first their quarter client families realizing and to comfort services performed production half growth The the back also March,

coupled high have favorably our margin in with cost growth core that business from benefit structure. incremental efficiencies to continue impacted our the We

shifting cemetery. significant we but the half of Now I increased and almost in carrying XX% experienced cemetery performance the Like into back the quarter first our quarterly million earlier exceeded in overview, quarter. cemetery XXXX the momentum growth quarter revenues $XXX Comparable XXXX, anticipated or to referenced even expectations. in cemetery of revenue first this our lofty in

atneed preneed in markets about revenues part quarter, $XXX the growth higher million to strong. Qingming to digital due for terms or In million a revenue $XX driven as and record about growth quality of sold. our that sales growth of about We the accounted is sale. production services preneed million the by $XX was expected COVID-XX. activity, products accounted higher this the performed and XX% increase the grew the remain or recognized of astounding certain well lead due cemetery in very or of In about of and services which more than remaining was quarter. the in XX% Consumer in traditional breakdown, in services our for between reception XD our as an by core remaining preneed cemetery cemetery XX% including The contracts revenue an drove million a demand from this Preneed number during which saw significant combination production quarter. higher as traffic channels atneed sales agent of $XXX lead driven for velocity in growth impact large effects well from of were elevated split first sales average were The and for lead about $XX community. majority as million cemetery sales growth sources, acceleration from holiday the multiple core evenly increases of

to management rates basis utilization points nearly productive our force a profits We gross efficient increased and than see early continue $XXX by X,XXX profit to gross in conversion XX% Cemetery with margin. sales in system, approximately also the campaigns. more relationship incremental XX% grew and of percentage the customer a from quarter more million realizing better improved

$X.XX Funeral revised months our wider pricing February the little provide growth as return historically XXXX and difficulty] to we is the we [technical mid year, the of had down mid-single have volume than vaccine and Back it sales qualified felt earnings low we in outlook rest a to averages. resulting levels We favorable this over entire of a that range comparisons and $X.XX percentage in remaining average efficacy for percentages XXXX share. issued and difficult Now speak XXXX guidance the color. rollout in of funeral just to and resulting guidance single-digit I'll adjusted the per of provided share digit showing a predict to nine timing recall per the

for to range sales to are in low $X year, cemetery the are of preneed to of sales in this raising a year earnings increase midpoint Primarily the we our decline our from year finish our the However, increasing potentially based percentage by upon single-digit $X.XX. from four digits we mid-single months for to preneed guidance a adjusting $X.XX growth. first guidance share the production production thereby per cemetery guidance flat annual our the

will expected have technology impact benefits want with proud enhance in we forward market and honor in expect earnings realized compounded have potentially a XXXX. flow that these months SCI produce range base the sales improve earnings These In my $X.XX volumes cash have negatively it a say XXXX the generation returns forward our atneed are our begin impacted early XXXX structure will competitive leveraging us percentage the cemetery allowed gained is to experience or see improving and of platform. of in From profitable to and to of efficient of guidance noted investments manner. the and of with by allow case last and entering we physical annual boomers family. results the mid-teen future earnings while our improvements This even XXXX great share last to I XXXX operating growth an consumers. to the pull funeral to technology quarter, am and the combined and still by for drive effects. customer late even share share I there, made temporary over more more capital per a we work we closing, pull of efficiencies from and per in team what us low of As temporarily off call and we both baby the share stay a XX to we 'XXs Still next be to in periods investments anticipate just pre-COVID digital such to per to produce the processes into absorbing to it relevant with ability effective

is so like these, you. especially each communities With and dedication of to over families selfless appreciated in operator, Your thanks to it to I'll our that, Eric. my heartfelt times turn now

Eric Tanzberger

Thanks, Tom, and good morning everybody.

that so greatest how XX,XXX and past families are of a particularly the of in the We there very thankful communities our challenging stepping field frontline their of associates been of up colleagues to helping have challenges through through these half. have managed our for support I'm times. year proud compassionately and need our time our

be Looking might from soon be finally a forward, more to return I remain pandemic to and this worst hopeful future. able as normal the of it to we appears emerging

morning, the flow the briefly hand then to our position So and cash our capital thing for financial revised this to guidance that begin quarter full would with upon shift I deployment to future flow through results important capital deployment touch and like cash update and year now you said and walk at business plans. most

to growth So, prior cash the XX% $XXX flow our that or we million recent representing of payments sales strong the performed which refinance correlation an in the earnings, quarter million increased cash operating during year. of operating as increase Cash $XX nearly robust offset the impressive also debt on by flow rate operating increased increase volume funeral cemetery $XXX led a interment Strong of related services was earnings. as cemetery rates well somewhat preneed result to in over million, atneed of translated by timing also million generated number increased cash transactions lower and Cash taxes $XX as floating affected results. flow higher debt. to of interest predominantly with the

installment the be resulting Finally, while will for, in tremendous drove this working experienced means capital net the the collected an cash time are in basis of growth These quarter, sales mostly property remainder earnings. over preneed our from the a we year. of sales which paid on impacting this positively including cemetery for use cash

quarter this to year. related was We cash of quarter additional funded also experienced payroll last that compared to difference of when a first an timing the

opportunistically covering million million followed capital To cemetery our million during balances invested $XX reinvestment by quarter, through our of begin, So into now businesses and into let us debt $XXX we growth and approximately to shareholders. million capital, finally capital development the our returning of discuss of deployment almost maintenance our capital businesses spend. reducing $XX capital $XX

capital Primarily towards growth forward $X builds expansion new about weather areas development was great with desirable almost cold and expand of that homes. due than build million quarter, should development prior capital several provide on cemetery perspective, and us funeral invested percentage These our footprint From expectations. our markets. and low the going was cemetery of returns Our country we year certain into growth capital a lower million new double-digit it several our in delayed lower of than extended the the to $XX projects.

deployed also is to estate the towards small targeted million. acquisition of during in be believe of real the full amount confident acquisitions million a continue timing We as range year quarter, almost $XX purchases. for we $XXX for capital to $X our spent We which we only just deployment

the facility our very million also a amount $XX the during quarter cash during flow credit as I've generation net as by was quarter We down said paid robust. of

Finally, first share million in and quarter capital we Dividend million the dividends repurchases. shareholders share. $XX or payments $XXX to per about deployed $X.XX totaled over through of

this a the comments of driving So start financial with the the to outlook adjust our Tom quarter. strength to first us our heard you as position, need to and shifting earlier year for few strong business guidance after a our on our highlighted earnings

Our outlook changed. cash similarly flow has

guidance. note adjusting I to expect of our that taxes. about guided driven from at million working cash in And This positive million expected in are we $XX now that over increase range additional just some capital are our by $XXX cash midpoint well $XXX the up $XXX to $XXX $XXX higher be earnings. of or XXXX So as earnings million cash an on guidance $XXX guidance we to flow cash increase million in the million. of to million that million $XX to the expectations by represents revised mentioned, Higher as somewhat taxes million offset are February, we an of

and to XX% at full statutory do not tax between We so continue normalized the expect contain also to time. therefore year, our expectations effective federal changes this rate tax guidance XX% any rate

capital expectations in spending remains million maintenance XXXX for million. at Our cemetery $XXX development $XXX unchanged and to

million continued home million million Additionally, and $XX we planning for the expectations deployment sheet. $XXX $XX these to new funeral balance our strong construction Supporting of towards deployment is in around projects. acquisitions capital

We of on of roughly to On a X.XX the stronger over of below the impacts approximately of growth million facility continue less EBITDA, expectations our credit the Consistent pandemic of to with expected quarter. times plus, This liquidity four in hand positioned end in first on $XXX million reflects the long-term well very as $XXX X than bank full amount significant at cash now leverage the EBITDA available million times. calculation a continued than level of be fell $XXX just was somewhat of our our to This during quarters strong EBITDA. came end quarter at quarter. the our leverage

to X.X pandemic, range So our the as into impacts expect to we of X of settle look targeted this leverage beyond we times.

a we're So to in off closing, great XXXX. to start

our even company deliver footing, our and cash and stronger client continue to flow firm much am have looking we began challenging XXXX impressed we organization. serve as results Our to on I during in that teams very communities learned across families an adapted forward times and guidance trying XXXX earnings these able how also increase than We the environment. care we with and expected. to I'm initially this great pleased were reported

a much We while near organization, expected have in to there become headwinds the are evolved stronger future. and some

even continue then more look foundation and to 'XX will forward we 'XX, add initially we As forward I improved expect our expected. value going to

to of to those for peace these deliver most most able unusual in develop our and honored to very help and mind difficult their client we're be wish communities to future. during who our days plans times, Finally, their families

turn So with that you to I'd over our back prepared to for remarks. it concludes operator, questions. that now like

Operator

[Operator Please Credit Rice A.J. from Instructions] Our ahead. of Suisse. question first is go

A.J. Rice

that that we comments even updated look of made in you I on 'XX. confidence assumptions maybe the the longer-term your that way those that and appreciate flesh that the Tom could far thoughts if - out his are out? you there outlook as the about some 'XX is underpinnings achievable be curious any gives numbers I'd that

Eric Tanzberger

is lot might it awfully the what normalized dramatic to these for right of question. a earnings late, I future of and to all now could that the a Thanks considering difficult be try from share It in COVID. XXXX decipher A.J. be per swings earnings Sure. think in in impact

So excited let our company. outlook so I'm why me try to future about for explain the

years, For framework share us earnings our to growth of XX%. long-term talk X% heard you've about per

and a to I could effect you make a for of believe we clarity where above the think this potentially as a some lot around XXXX to removing as and back could I use go about company of which few growth, years, be noise in COVID, the X% me, our has provides a be it range. around if XX% assumptions base order

in performing forward XXXX. A.J. side based upon services of the our funeral same the say the will impact XXXX projection, likely of did number On we as in best have us the about pull funeral

best are guess Now at it's our assumptions, those but time. this

relatively flat 'XX. growth with volumes Direct funeral to prices flat the from as funeral expenses are coupled contribution funeral expect would in we segment the be inflationary minimal reasonable assuming in SCI managing well, our So the to from

think funeral services, increased funeral require so boomers. true remember growth baby So from earnings

XXXX time, cemetery, was that get drive related This sales. hypothetical preneed this but arrived we for a long is the the we they when to haven't generating to exciting, significant very our in for in meaningful bottom I'm baby and in shifting mind of experience won't. to line. yet cemetery in itself However, near-term per a like to XX% to volume COVID said from will And excess opportunity success boomers drop there revenue, XX% learning our share keep tied the then the is and earnings assuming

four year cemetery X.X% X.X% four earnings over per $X.XX compounded again started of preneed through market you $X.XX boomer in XXXX repurchases base. our assuming to say in had if and add quarter. in if per our would $X.XX volume $X.XX segment it And year share reflects This the baby effect opportunistic likely absorb could quarter base full the period grow this you cemetery acquisitions, The have So the a it to gains deployment from phase this we let's XXXX earnings past. $X.XX. XXXX expansion. a strategic the like and share impact approaching, would to we no result over to we of can to share impact at our capital between the take and call another XXXX share $X period call or Then per $X.XX potential share

excited way and this simple So future the of in hopefully why I'm so that's to helpful company. it that's about great in clarifying my about the think

A.J. Rice

two current very I you've done Maybe opportunities capital what part in lot. helpful. are and the of Thanks deployment guess areas. ran priorities your a one the quarter. follow-up, other I know in Yes, Eric these through that's long-term

I the target the repurchase, $XXX million. was So think year for share

is for on And and You a it XX tuck-in, targets a upside you've acquisitions, in XXX year. there acquisition think got the the update changed, a on to Can there you share are goal and little still the of front? aspect [$X to the XXX comped I the you just quarter, already million]. still XX is did first to confident maybe on on bit of only you repurchase XXX are us, those, the the then has

Tom Ryan

on A.J. correctly we there's we because my kind I statement just of remarks, relates really during confident mean acquisitions deployment and mentioned. flow much it with that believe the of take quarter, I that to cash more there alluded But let's a the are to issue. not as you it's Yes, timing as first. in

excited we looking are are that definitely We there about it at excited our that pipeline. are and the out deals frankly. about somewhat and we're teams There is

million perspective now, right should $XX million believe XXXX. from remainder we we capital of good for to activities yes, go deployment that so through which And up pick $XXX a is as the means that

return produce in return, I also in You're absent million. correct and spend area should saw is that opportunity type type I capital I that any low orders future new in larger to just to see as share return. to capital build think your to earlier, repurchase going the is What 'XX, we continue we're a levels that type did highest example $XXX continue M&A section, that like? deployment we was in of and with repurchases, of a much you hypothetically the to return frankly mean, frankly, other nice the over program. probably us bigger share and put return higher opportunity, on going at even for great to exceed think opportunities double-digit that in relative does example the for relative deploy look opportunity for us,

strongly exact have, towards deploy out we're the in type good double-digit a we've first capital, if the returns I you're me, me it's to you terms we the to tell quarter. but going you for type to deployed So in with menu of very we're mix, even program have that that going share following from gate, specifically, hard definitely agree repurchase of perspective, teen with but the low-to-mid

Operator

from The Joanna of question is BoA. Gajuk go ahead. Please next

Joanna Gajuk

market around that views company outlook at growth don't base forward-looking gain share for this rate Thank Tom sharing earnings. the for this market clearly, But least or seen. you. your Good assume but curve you there scenario to and we've the morning, question, point, the gains, for thanks based the that your thanks share taking on

even it's to I the very terms both color in but any about know of of numbers us you or precise, any you market kind in year you of out think flesh sort can last into little a year share gain bit, how this So it segments.

Tom Ryan

to Joanna, I'll do try that.

and really to data, in think you tie trying it accurate about market it's really difficult to real to back time. As CDC do share

based observations you do to have I'm of better information a we that. and make couple I our again, market get saying with have to those ability my So even upon think example just it goals feel and certain you. in about can markets to And we achieve share without I is

particularly I think the little gained we've a in bit markets where we had scaled.

So dramatically big helping at were places sure cities where like we share the New experienced market saw customers you touching that in When that. think impacted surges very, by times. and for York's them LA’s challenging COVID and and you and about very

The other atneed. track we funeral preneed interesting turning atneed as volume you by know then and thing that's

over you the those been buckets, this the year. quarters thing more think of about the last and as experiencing first So two couple we've acutely in quarter

change up XX% backlog atneed memory was I from I'm forgive our and XX%. and me preneed our speaking think was walk-in

out coming So was that difference radius customers beyond to draw in seeing normally That what performing when you me above not that and our for of think about that you're you there have that backlog. a in would customers tells we probably more the there come from. noticeable we're

really good. I So feel

very star reviews we an where and I the certain created that say - and likes. we visibility operate. nation. Yes, definitely gained the have our I Google think were I opinion that can share. favorable more impression a We markets, lot have across we believe I we surely think based in communities the in think we upon

Joanna Gajuk

on color. Okay, appreciate I pricing. And guess I there was different that topic

I think that I was technical missed I - part difficulties. facing

XXXX the talking you outlook average for funeral for levels. were to that you return expect to the about think the I year pricing

fewer about And you is the correct. to so the absolute talk kind said comps you can So was historically of pre-pandemic is I about number level? that this back the - and what you out strong restrictions guess, talk was I there you not pricing a experienced think pricing maybe can March if you maybe that it I can open Canada this is specifically, pricing or and is impact trending where how versus are how guess in more frame what upgrade there quarter? vaccinations the still and ex-Canada markets on if and more

Tom Ryan

first the of of U.S., we effectively March so correct. January XXXX as so average Sure, pre-COVID same saw all was Canada. The in you're

we're So very to to back that that number. able get pleased we've been

- pricing laws ability menu expect now almost in about services So market that. as comps is on go complying good but to you our not. right, a like On timing you're think regulations, specific of average to we are year-over-year inflationary would with a of forward, think the expand difference the pass local temporarily there is are as the through and I the approaching open suggestions. back grow to and it here feel lot products And a and we people as whether percentages very in surely look single-digit we half I relates big about mid comparable markets, from we to a or in low the Because think basis, again, XXXX. year, on

have profoundly can markets. have a more say I'd So that if the We've will you an that big seen in Canadian gathering impact.

it we its saw clearly if while in it's opening up up. California opening For New York, it’s a California,

So we opening get and confident up. a experiencing we'll we have markets I are. a Canada there with these do good lot difficulty is momentum little we're and of that think more so

choose about XX which if average is your is what again And can this move people points, to through crisis basis we provide. cremation the something the think COVID good immediate what do shocking we will you and this people you value we XXXX XXXX see So as only think feel about that when really average, from to learn about reaction crisis.

remember, they celebrate, want the do they to want grieving again to to think process. I they to want get

good average. the think on I news So

Joanna Gajuk

that it's other you you Right, know in commission in no is pretty expect much shift is here and actually the have create this to the but guess the stay. cremation terms for the there that do this has on was guess, percentages to any views rate in that changed? I I cremation and year non-existent percentage backlog your hard I whether But terms of follow-up what was what of revenue say the quarter, my you

Tom Ryan

percentage the choosing cremation burial little The has much. revenue it's people while as is and their cremation in percentage choosing it to that hasn't of service percentage moved We to service the back different consumer the a consistent. and little have still percentage the a of cremation relates bit a bit and basically What pretty relates we see backlog back is almost seen, completely as to it hold differ. in come

preneed backlog we're in too. So that the seeing

of there the kind service because hard to a atneed It's thinking at coincides am big about sitting you envision COVID happening. with think it moment. that I I this as

we expect back begins to as what funeral that XX So points that side, on sorry clearly think open up saw smaller And I I anticipated. we mix I'm the traditional cremation definitely atneed move that, again, side, changes. is markets would than basis to probably

some April change So, expect I March, some were that towards cremation you're point. late move U.S. the we when gradually under do would probably at that a early XXX of back biggest the in around comparable lot numbers mix again happened think markets using shutdown.

year. as begin that in I favorable see half to April change pretty mix, back get cremation normalize should a more So you the think to I maybe positive think the what of even but you then a

Operator

Thank you next John very go ahead. much James. of [Operator Ransom question The from Instructions] Please is Raymond

John Ransom

good this the this time, it we preneed pretty correlation quarter. think you like short-term, seems correlation good real And how looks you was with offer secondly, high I to did and I Joanna’s It back then of Thanks. tough question quarter numbers that number your just a And its that took first about question, like much until a Is there a it’s was And for have showing I year. but cemetery funeral I to think in move CDC we bad to say you're do that is of in guy, hard single-digit CDC is share? really was know declines relationship there sales. think the you guy. the a expecting? comps know as debts going through do The

Eric Tanzberger

you have We also I'm ability for be, updated California Southern because been West sort some even families comment especially for be as Nevada had for comment. it sure you to to zoning, lag. busy your completely John, example California you had would is of dissidents that Coast us were From question my We a numbers you families, funerals would where very into not add second take first patient take able funeral some you and like such ability take perform I'll ultimately backlog client account a have there service to degree large was take to second my well. those of our you so our were Eric, we this the employ And indoors. and could take when places those for answer a in you. storage - and

that. So that's product. recognized But deliver remember, talked and performed the tents deploying about do services such and where you we so you not to about before the revenue and the

actually which in very was So February, was perspective, of that November deaths robust. that part example. the recognized revenue and half Which December, you January had from CDC back for first in in in occurred in

I went John, take do with recognize you both to factors, underlying us about underlying data it. frank So that looked agree to you, for we and was but frankly account data, when into think to at I be those it have the hard

Tom Ryan

was cemetery your Yes, question around growth. preneed first

volume what good even case try as to think still you to, the expect because maybe of First really would base some follow-up bit same I used sales, the preneed that preneed atneed reason we circumstances. that two think comes relying that while you them down let and funeral me on, back can take very a are When work I we side about, a in of of so going think that peel number expect you we're the this have lag expect, lead what with a it's a to is positive a month this upon leads some correlates again, would XXXX a and again the cemetery. that is normal or think to volumes, just customer. is months, way would at, about preneed see companion as I look we for in you may say they as could I to cemetery would What back is I helpful in a closely

XX%. take if this grew million preneed $XXX we you So sales or cemetery quarter,

of back that $XXX we a COVID related, year tell have what COVID, in is $XX sell, have is then to of to a right. volume, generate and a $XX minds I say about in of and that going of that to go going part but their you that death levels or would and and COVID of longer care is for don't that really 'XX of that awareness related of that the be you call are million there managing probably or component I COVID this million years, is I at expect directly that's I taking of is If some be don't it may think think would and two you would can your fresh that COVID consumer X% two-month would the therefore tail sales know, people our million the have COVID aware related, strong piece can I'll in and lag production - the what I the let's because consumer it. so be COVID, a grow to growth, and of of affairs, expected mean awareness we a

we COVID, I it's piece this the or that difficult. out, our execute. with But figuring confident XX we're a we for easily piece the still about to I that think other that's my So me in feel more opinion - think without got and to but it's gotten of little we ability XXX

Operator

very you Thank much.

further no So questions. we have

management comments. to for hand closing now So, I back

Tom Ryan

us in call to for the look again you you being Stay to Take forward about on Okay, thank three-month. with safe. today. talking care. everyone We

Operator

gentlemen and sir. Thank you Thank concludes you for today's you very attending Ladies presentation conference. today's disconnect. much, and that now may

Service Corporation International (SCI) 4 May 212021 Q1 Earnings call transcript