UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 |
CURRENT REPORT |
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104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
April 29, 2020 | Service Corporation International | ||
By: | /s/ Eric D. Tanzberger | ||
Eric D. Tanzberger | |||
Senior Vice President | |||
Chief Financial Officer |
(Dollars in millions, except for per share amounts) | Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
Revenue | $ | 803.0 | $ | 798.2 | |||
Operating income | $ | 151.8 | $ | 147.0 | |||
Net income attributable to common stockholders | $ | 81.9 | $ | 79.3 | |||
Diluted earnings per share | $ | 0.45 | $ | 0.43 | |||
Earnings excluding special items (1) | $ | 78.5 | $ | 86.7 | |||
Diluted earnings per share excluding special items (1) | $ | 0.43 | $ | 0.47 | |||
Diluted weighted average shares outstanding | 183.6 | 185.3 | |||||
Net cash provided by operating activities | $ | 180.0 | $ | 184.9 |
(1) | Earnings excluding special items and diluted earnings per share excluding special items are non-GAAP financial measures. These items are also referred to as "adjusted earnings per share". A reconciliation from net income attributable to common stockholders and diluted earnings per share in accordance with generally accepted accounting principles in the United States (GAAP) can be found later in this press release under the headings in the “Non-GAAP Financial Measures” in the Appendix at the end of this press release |
• | Diluted earnings per share were $0.45 in the first quarter of 2020 compared to $0.43 in the first quarter of 2019. The current period was impacted by a $4.5 million pre-tax gain on divestitures and the prior year quarter was impacted by a pre-tax amount of $8.0 million in unusual legal expenses. Diluted earnings per share excluding special items was $0.43 in the first quarter of 2020 compared to $0.47 in the first quarter of 2019. The decline of $0.04, or 8.5%, is due to lower gross profit primarily related to less preneed cemetery property sales due to the effects of the COVID-19 pandemic, which was partially offset by reductions in corporate general and administrative expenses and lower interest expense. |
• | Net cash provided by operating activities declined $4.9 million to $180.0 million in the first quarter of 2020 compared to $184.9 million in the first quarter of 2019. Strong atneed and preneed cash receipts along with a reduction in cash interest payments helped to offset lower cash earnings during the quarter. |
For additional information contact: | ||||
Investors: | Debbie Young - Director / Investor Relations | (713) 525-9088 | ||
Media: | Jay Andrew - Director / Corporate Communications | (713) 525-3468 |
• | Our affiliated trust funds own investments in securities, which are affected by market conditions that are beyond our control. |
• | We may be required to replenish our affiliated funeral and cemetery trust funds to meet minimum funding requirements, which would have a negative effect on our earnings and cash flow. |
• | Our ability to execute our strategic plan depends on many factors, some of which are beyond our control. |
• | Our credit agreements contain covenants that may prevent us from engaging in certain transactions. |
• | If we lost the ability to use surety bonding to support our preneed activities, we may be required to make material cash payments to fund certain trust funds. |
• | Increasing death benefits related to preneed contracts funded through life insurance or annuity contracts may not cover future increases in the cost of providing a price-guaranteed service. |
• | The financial condition of third-party insurance companies that fund our preneed contracts may impact our future revenue. |
• | Unfavorable results of litigation could have a material adverse impact on our financial statements. |
• | Unfavorable publicity could affect our reputation and business. |
• | We use a combination of insurance, self-insurance, and large deductibles in managing our exposure to certain inherent risks; therefore, we could be exposed to unexpected costs that could negatively affect our financial performance. |
• | Changes in taxation as well as the inherent difficulty in quantifying potential tax effects of business decisions could have a material adverse effect on the results of our operations, financial condition, or cash flows. |
• | Declines in overall economic conditions beyond our control could reduce future potential earnings and cash flows and could result in future impairments to goodwill and/or other intangible assets. |
• | Any failure to maintain the security of the information relating to our customers, their loved ones, our associates, and our vendors could damage our reputation, could cause us to incur substantial additional costs and to become subject to litigation, and could adversely affect our operating results, financial condition, or cash flow. |
• | Our Canadian business exposes us to operational, economic, and currency risks. |
• | Our level of indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, and may prevent us from fulfilling our obligations under our indebtedness. |
• | A failure of a key information technology system or process could disrupt and adversely affect our business. |
• | Failure to maintain effective internal control over financial reporting could adversely affect our results of operations, investor confidence, and our stock price. |
• | The application of unclaimed property laws by certain states to our preneed funeral and cemetery backlog could have a material adverse impact on our liquidity, cash flows, and financial results. |
• | The funeral and cemetery industry is competitive. |
• | If the number of deaths in our markets declines, our cash flows and revenue may decrease. Changes in the number of deaths are not predictable from market to market or over the short term. |
• | If we are not able to respond effectively to changing consumer preferences, our market share, operating results, financial condition, or cash flow could decrease. |
• | The continuing upward trend in the number of cremations performed in North America could result in lower revenue, operating profit, and cash flows. |
• | Our funeral and cemetery businesses are high fixed-cost businesses. |
• | Regulation and compliance could have a material adverse impact on our financial results. |
• | Cemetery burial practice claims could have a material adverse impact on our financial results. |
• | The COVID-19 pandemic has had an adverse effect on our business and results of operations and future public health threats could have additional material adverse consequences for our business and results of operations. |
(Dollars in thousands, except per share amounts) | Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
Revenue | $ | 802,965 | $ | 798,212 | |||
Cost of revenue | (623,921 | ) | (606,378 | ) | |||
Gross profit | 179,044 | 191,834 | |||||
Corporate general and administrative expenses | (31,813 | ) | (42,978 | ) | |||
Gains (losses) on divestitures and impairment charges, net | 4,545 | (1,878 | ) | ||||
Operating income | 151,776 | 146,978 | |||||
Interest expense | (44,351 | ) | (47,390 | ) | |||
Loss on early extinguishment of debt, net | (139 | ) | — | ||||
Other (expense) income, net | (1,247 | ) | 720 | ||||
Income before income taxes | 106,039 | 100,308 | |||||
Provision for income taxes | (24,038 | ) | (21,095 | ) | |||
Net income | 82,001 | 79,213 | |||||
Net (income) loss attributable to noncontrolling interests | (60 | ) | 110 | ||||
Net income attributable to common stockholders | $ | 81,941 | $ | 79,323 | |||
Basic earnings per share: | |||||||
Net income attributable to common stockholders | $ | 0.45 | $ | 0.44 | |||
Basic weighted average number of shares | 180,854 | 181,696 | |||||
Diluted earnings per share: | |||||||
Net income attributable to common stockholders | $ | 0.45 | $ | 0.43 | |||
Diluted weighted average number of shares | 183,585 | 185,317 |
(Dollars in thousands, except share amounts) | |||||||
March 31, 2020 | December 31, 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 176,261 | $ | 186,276 | |||
Receivables, net | 75,064 | 81,671 | |||||
Inventories | 27,891 | 25,118 | |||||
Other | 80,252 | 80,488 | |||||
Total current assets | 359,468 | 373,553 | |||||
Preneed receivables, net and trust investments | 4,122,025 | 4,789,562 | |||||
Cemetery property | 1,879,960 | 1,873,602 | |||||
Property and equipment, net | 2,057,893 | 2,065,433 | |||||
Goodwill | 1,861,454 | 1,864,223 | |||||
Deferred charges and other assets, net | 1,016,806 | 1,029,908 | |||||
Cemetery perpetual care trust investments | 1,417,652 | 1,681,149 | |||||
Total assets | $ | 12,715,258 | $ | 13,677,430 | |||
LIABILITIES & EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 474,994 | $ | 478,545 | |||
Current maturities of long-term debt | 85,885 | 69,821 | |||||
Income taxes payable | 26,415 | 8,353 | |||||
Total current liabilities | 587,294 | 556,719 | |||||
Long-term debt | 3,535,754 | 3,513,530 | |||||
Deferred revenue, net | 1,478,520 | 1,467,103 | |||||
Deferred tax liability | 431,010 | 421,482 | |||||
Other liabilities | 350,614 | 378,074 | |||||
Deferred receipts held in trust | 3,165,686 | 3,839,376 | |||||
Care trusts’ corpus | 1,415,287 | 1,677,891 | |||||
Equity: | |||||||
Common stock, $1 per share par value, 500,000,000 shares authorized, 186,057,728 and 185,100,789 shares issued, respectively, and 179,241,180 and 181,184,963 shares outstanding, respectively | 179,241 | 181,185 | |||||
Capital in excess of par value | 1,010,639 | 1,010,361 | |||||
Retained earnings | 562,549 | 601,903 | |||||
Accumulated other comprehensive (deficit) income | (1,336 | ) | 29,864 | ||||
Total common stockholders’ equity | 1,751,093 | 1,823,313 | |||||
Noncontrolling interests | — | (58 | ) | ||||
Total equity | 1,751,093 | 1,823,255 | |||||
Total liabilities and equity | $ | 12,715,258 | $ | 13,677,430 |
(Dollars in thousands) | Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 82,001 | $ | 79,213 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Loss on early extinguishment of debt, net | 139 | — | |||||
Depreciation and amortization | 37,912 | 37,126 | |||||
Amortization of intangibles | 5,257 | 7,066 | |||||
Amortization of cemetery property | 13,924 | 15,723 | |||||
Amortization of loan costs | 1,276 | 1,620 | |||||
Provision for expected credit losses | 3,197 | 1,917 | |||||
Provision for deferred income taxes | 4,233 | 2,492 | |||||
(Gains) losses on divestitures and impairment charges, net | (4,545 | ) | 1,878 | ||||
Share-based compensation | 3,406 | 4,568 | |||||
Change in assets and liabilities, net of effects from acquisitions and dispositions: | |||||||
Decrease (increase) in receivables | 2,460 | (8,716 | ) | ||||
Decrease (increase) in other assets | 10,549 | (13,180 | ) | ||||
(Decrease) increase in payables and other liabilities | (4,832 | ) | 29,545 | ||||
Effect of preneed sales production and maturities: | |||||||
Decrease in preneed receivables, net and trust investments | 19,134 | 7,983 | |||||
Increase in deferred revenue, net | 12,908 | 30,392 | |||||
Decrease in deferred receipts held in trust | (7,027 | ) | (12,731 | ) | |||
Net cash provided by operating activities | 179,992 | 184,896 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (52,275 | ) | (51,573 | ) | |||
Business acquisitions, net of cash acquired | (26,349 | ) | (13,882 | ) | |||
Real estate acquisitions | (2,114 | ) | (5,358 | ) | |||
Proceeds from divestitures and sales of property and equipment | 11,324 | 7,764 | |||||
Payments for Company-owned life insurance policies | (3,770 | ) | (7,891 | ) | |||
Proceeds from Company-owned life insurance policies | 3,519 | — | |||||
Net cash used in investing activities | (69,665 | ) | (70,940 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of long-term debt | 75,000 | 15,000 | |||||
Scheduled payments of debt | (8,222 | ) | (8,535 | ) | |||
Early payments of debt | (25,792 | ) | (135,000 | ) | |||
Principal payments on finance leases | (10,254 | ) | (10,657 | ) | |||
Proceeds from exercise of stock options | 15,126 | 15,962 | |||||
Purchase of Company common stock | (123,102 | ) | (14,542 | ) | |||
Payments of dividends | (34,414 | ) | (32,820 | ) | |||
Bank overdrafts and other | 1,575 | 7,906 | |||||
Net cash used in financing activities | (110,083 | ) | (162,686 | ) | |||
Effect of foreign currency | (8,249 | ) | 1,540 | ||||
Net decrease in cash, cash equivalents, and restricted cash | (8,005 | ) | (47,190 | ) | |||
Cash, cash equivalents, and restricted cash at beginning of period | 242,620 | 207,584 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 234,615 | $ | 160,394 |
(Dollars in millions, except funeral services performed and average revenue per service) | Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
Consolidated funeral: | |||||||
Atneed revenue | $ | 264.8 | $ | 258.7 | |||
Matured preneed revenue | 163.6 | 156.5 | |||||
Core revenue | 428.4 | 415.2 | |||||
Non-funeral home revenue | 14.5 | 13.0 | |||||
Recognized preneed revenue | 32.8 | 31.3 | |||||
Other revenue | 29.2 | 33.3 | |||||
Total revenue | $ | 504.9 | $ | 492.8 | |||
Gross profit | $ | 103.6 | $ | 105.4 | |||
Gross profit percentage | 20.5 | % | 21.4 | % | |||
Funeral services performed | 86,490 | 83,771 | |||||
Average revenue per service | $ | 5,121 | $ | 5,112 |
(Dollars in millions) | Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
Consolidated cemetery: | |||||||
Atneed property revenue | $ | 24.8 | $ | 23.3 | |||
Atneed merchandise and service revenue | 60.3 | 58.1 | |||||
Total atneed revenue | 85.1 | 81.4 | |||||
Recognized preneed property revenue | 116.1 | 128.6 | |||||
Recognized preneed merchandise and service revenue | 68.7 | 67.0 | |||||
Total recognized preneed revenue | 184.8 | 195.6 | |||||
Core revenue | 269.9 | 277.0 | |||||
Other cemetery revenue | 28.2 | 28.4 | |||||
Total revenue | $ | 298.1 | $ | 305.4 | |||
Gross profit | $ | 75.5 | $ | 86.4 | |||
Gross profit percentage | 25.3 | % | 28.3 | % |
(Dollars in millions, except average revenue per service and average revenue per contract sold) | Three Months Ended March 31, | |||||||||||||
2020 | 2019 | Var | % | |||||||||||
Comparable revenue: | ||||||||||||||
Atneed revenue (1) | $ | 259.2 | $ | 256.7 | $ | 2.5 | 1.0 | % | ||||||
Matured preneed revenue (2) | 162.5 | 155.9 | 6.6 | 4.2 | % | |||||||||
Core revenue (3) | 421.7 | 412.6 | 9.1 | 2.2 | % | |||||||||
Non-funeral home revenue (4) | 14.4 | 13.0 | 1.4 | 10.8 | % | |||||||||
Recognized preneed revenue (5) | 32.6 | 31.3 | 1.3 | 4.2 | % | |||||||||
Other revenue (6) | 29.2 | 33.1 | (3.9 | ) | (11.8 | )% | ||||||||
Total comparable revenue | $ | 497.9 | $ | 490.0 | $ | 7.9 | 1.6 | % | ||||||
Comparable gross profit | $ | 102.9 | $ | 105.8 | $ | (2.9 | ) | (2.7 | )% | |||||
Comparable gross profit percentage | 20.7 | % | 21.6 | % | (0.9 | )% | ||||||||
Comparable services performed: | ||||||||||||||
Atneed | 46,902 | 46,367 | 535 | 1.2 | % | |||||||||
Matured preneed | 26,812 | 26,227 | 585 | 2.2 | % | |||||||||
Total core | 73,714 | 72,594 | 1,120 | 1.5 | % | |||||||||
Non-funeral home | 11,455 | 10,700 | 755 | 7.1 | % | |||||||||
Total comparable funeral services performed | 85,169 | 83,294 | 1,875 | 2.3 | % | |||||||||
Core cremation rate | 51.8 | % | 50.7 | % | 1.1 | % | ||||||||
Total comparable cremation rate | 58.2 | % | 56.9 | % | 1.3 | % | ||||||||
Comparable sales average revenue per service: | ||||||||||||||
Atneed | $ | 5,526 | $ | 5,536 | $ | (10 | ) | (0.2 | )% | |||||
Matured preneed | 6,061 | 5,944 | 117 | 2.0 | % | |||||||||
Total core | 5,721 | 5,684 | 37 | 0.7 | % | |||||||||
Non-funeral home | 1,257 | 1,215 | 42 | 3.5 | % | |||||||||
Total comparable average revenue per service | $ | 5,120 | $ | 5,110 | $ | 10 | 0.2 | % | ||||||
Comparable preneed sales production: | ||||||||||||||
Total preneed sales | $ | 213.2 | $ | 229.8 | $ | (16.6 | ) | (7.2 | )% | |||||
Core contracts sold | 28,914 | 31,775 | (2,861 | ) | (9.0 | )% | ||||||||
Non-funeral home contracts sold | 16,144 | 17,387 | (1,243 | ) | (7.1 | )% | ||||||||
Core average revenue per contract sold | $ | 5,809 | $ | 5,779 | $ | 30 | 0.5 | % | ||||||
Non-funeral home average revenue per contract sold | $ | 2,804 | $ | 2,656 | $ | 148 | 5.6 | % |
(1) | Atneed revenue represents merchandise and services sold and delivered or performed once death has occurred. |
(2) | Matured preneed revenue represents merchandise and services sold on a preneed contract through our core funeral homes, which have been delivered or performed as well as the related merchandise and service trust fund income. |
(3) | Core revenue represents the sum of merchandise and services sold on an atneed contract or preneed contract, which were delivered or performed once death has occurred through our core funeral homes. |
(4) | Non-funeral home revenue represents services sold on a preneed or atneed contract through one of our non-funeral home sales channels (e.g. SCI Direct) and performed once death has occurred. |
(5) | Recognized preneed revenue represents travel protection, net and merchandise sold on a preneed contract and delivered before death has occurred. |
(6) | Other revenue primarily comprises general agency revenue, which is commissions we receive from third-party insurance companies for life insurance policies sold to preneed customers for the purpose of funding preneed arrangements. |
• | Total comparable funeral revenue increased by $7.9 million, or 1.6% in the first quarter of 2020 compared to the same period of 2019. This increase was primarily driven by higher core revenue of $9.1 million and higher recognized preneed revenue of $1.3 million partially offset by $3.9 million of lower other revenue. |
• | The $9.1 million, or 2.2%, increase in core revenue was primarily the result of a 1.5% increase in core funeral services performed and a 0.7% increase in core average revenue per service. Our organic sales average grew 1.0% but was somewhat offset by a 110 basis point increase in the core cremation rate. |
• | Other revenue decreased $3.9 million, primarily due to lower general agency revenue as a result of a decrease in insurance-funded preneed sales production. |
• | Comparable funeral gross profit decreased $2.9 million to $102.9 million. The gross profit percentage decreased 90 basis points to 20.7%, primarily due to an increase in inflationary employee-related expenses and an increase in doubtful account reserves based on current and projected economic conditions. |
• | Comparable preneed funeral sales production decreased $16.6 million, or 7.2%, in the first quarter of 2020 compared to 2019. We experienced an 8.5% decrease in our core funeral locations and 2.0% decrease in preneed production through our non-funeral home channel. While trends were strong for most of the quarter, we experienced a severe decline in the last three weeks of March, primarily due to the social distancing effects of the pandemic. |
(Dollars in millions) | Three Months Ended March 31, | |||||||||||||
2020 | 2019 | Var | % | |||||||||||
Comparable revenue: | ||||||||||||||
Atneed property revenue | $ | 24.8 | $ | 23.3 | $ | 1.5 | 6.4 | % | ||||||
Atneed merchandise and service revenue | 60.3 | 57.9 | 2.4 | 4.1 | % | |||||||||
Total atneed revenue (1) | 85.1 | 81.2 | 3.9 | 4.8 | % | |||||||||
Recognized preneed property revenue | 115.7 | 128.6 | (12.9 | ) | (10.0 | )% | ||||||||
Recognized preneed merchandise and service revenue | 68.6 | 66.8 | 1.8 | 2.7 | % | |||||||||
Total recognized preneed revenue (2) | 184.3 | 195.4 | (11.1 | ) | (5.7 | )% | ||||||||
Core revenue (3) | 269.4 | 276.6 | (7.2 | ) | (2.6 | )% | ||||||||
Other revenue (4) | 28.2 | 28.3 | (0.1 | ) | (0.4 | )% | ||||||||
Total comparable revenue | $ | 297.6 | $ | 304.9 | $ | (7.3 | ) | (2.4 | )% | |||||
Comparable gross profit | $ | 75.3 | $ | 86.4 | $ | (11.1 | ) | (12.8 | )% | |||||
Comparable gross profit percentage | 25.3 | % | 28.3 | % | (3.0 | )% | ||||||||
Comparable preneed and atneed sales production: | ||||||||||||||
Property | $ | 144.7 | $ | 158.0 | $ | (13.3 | ) | (8.4 | )% | |||||
Merchandise and services | 135.1 | 141.9 | (6.8 | ) | (4.8 | )% | ||||||||
Discounts and other | (1.5 | ) | (1.6 | ) | 0.1 | 6.3 | % | |||||||
Preneed and atneed sales production | $ | 278.3 | $ | 298.3 | $ | (20.0 | ) | (6.7 | )% | |||||
Recognition rate (5) | 96.8 | % | 92.7 | % |
(1) | Atneed revenue represents property, merchandise, and services sold and delivered or performed once death has occurred. |
(2) | Recognized preneed revenue represents property, merchandise, and services sold on a preneed contract, which were delivered or performed as well as the related merchandise and service trust fund income. |
(3) | Core revenue represents the sum of property, merchandise, and services that have been delivered or performed as well as the related merchandise and service trust fund income. |
(4) | Other revenue is primarily related to endowment care trust fund income, royalty income, and interest and finance charges earned from customer receivables on preneed installment contracts. |
(5) | Represents the ratio of current period core revenue stated as a percentage of current period preneed and atneed sales production. |
• | Comparable cemetery revenue decreased $7.3 million, or 2.4%, in the first quarter of 2020 compared to the first quarter of 2019. The decrease was primarily led by a $12.9 million, or 10.0%, decrease in recognized preneed property revenue partially offset by $3.9 million, or 4.8%, increase in atneed revenue and a $1.8 million, or 2.7%, increase in recognized preneed merchandise and service revenue. |
• | Comparable preneed cemetery sales production declined $22.8 million, or 10.5%. Preneed property production experienced a 15.8% decrease in large sales activity and a 9.6% decrease for non-large sales production. We experienced strong growth in sales production until the last three weeks of the quarter when we were negatively impacted by the pandemic. |
• | Comparable cemetery gross profit decreased $11.1 million to $75.3 million and the gross profit percentage decreased 300 basis points to 25.3%. The decrease resulted from cemetery revenue decreases described above coupled with an increase in inflationary employee-related expenses, increased maintenance expenses, and an increase in doubtful account reserves based on current and projected economic conditions. |
(Dollars in millions) | Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
Net cash provided by operating activities | $ | 180.0 | $ | 184.9 | |||
Cash taxes included in net cash provided by operating activities | $ | 1.6 | $ | 1.8 |
(Dollars in millions) | Three Months Ended March 31, | ||||||
2020 | 2019 | ||||||
Capital improvements at existing operating locations | $ | 20.3 | $ | 25.9 | |||
Development of cemetery property | 24.1 | 18.7 | |||||
Capital improvements at existing operating locations and cemetery development expenditures | 44.4 | 44.6 | |||||
Growth capital expenditures/construction of new funeral service locations | 7.9 | 7.0 | |||||
Total capital expenditures | $ | 52.3 | $ | 51.6 |
Three Months | |
Preneed funeral | (16.5)% |
Preneed cemetery | (17.2)% |
Cemetery perpetual care | (13.9)% |
Combined trust funds | (15.9)% |
(Dollars in millions, except diluted EPS) | Three Months Ended March 31, | ||||||||||||||
2020 | 2019 | ||||||||||||||
Net Income | Diluted EPS | Net Income | Diluted EPS | ||||||||||||
Net income attributable to common stockholders, as reported | $ | 81.9 | $ | 0.45 | $ | 79.3 | $ | 0.43 | |||||||
Pre-tax reconciling items: | |||||||||||||||
(Gains) losses on divestitures and impairment charges, net | (4.5 | ) | (0.03 | ) | 1.9 | — | |||||||||
Loss on early extinguishment of debt, net | 0.1 | — | — | — | |||||||||||
Legal matters | — | — | 8.0 | 0.05 | |||||||||||
Tax reconciling items: | |||||||||||||||
Tax effect from special items | 1.2 | 0.01 | (2.5 | ) | (0.01 | ) | |||||||||
Change in uncertain tax reserves and other | (0.2 | ) | — | — | — | ||||||||||
Earnings excluding special items and diluted earnings per share excluding special items | $ | 78.5 | $ | 0.43 | $ | 86.7 | $ | 0.47 | |||||||
Diluted weighted average shares outstanding | 183.6 | 185.3 |
Q^?=>>>P_@FSR<:3J 3@
Document and Entity Information Statement |
Apr. 29, 2020 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Apr. 29, 2020 |
Entity Registrant Name | Service Corporation International |
Entity Incorporation, State or Country Code | TX |
Entity File Number | 1-6402-1 |
Entity Tax Identification Number | 74-1488375 |
Entity Address, Address Line One | 1929 Allen Parkway |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77019 |
City Area Code | (713) |
Local Phone Number | 522-5141 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock ($1 par value) |
Trading Symbol | SCI |
Security Exchange Name | NYSE |
Entity Central Index Key | 0000089089 |
Amendment Flag | false |
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