UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 24, 2013 (April 24, 2013)
Service Corporation International
(Exact name of registrant as specified in its charter)
Texas | 1-6402-1 | 74-1488375 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
1929 Allen Parkway Houston, Texas | 77019 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (713) 522-5141
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On April 24, 2013, Service Corporation International issued a press release reporting its financial results for the first quarter of 2013. A copy of this press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
The attached Exhibit 99.1 is not filed, but is furnished to comply with Regulation FD. The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are included with this report
Exhibit No. | Description | |
99.1 | Press Release, dated April 24, 2013 reporting first quarter 2013 financial results |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
April 24, 2013 | Service Corporation International | |
By: | /s/ Eric D. Tanzberger | |
|
Eric D. Tanzberger | |
Senior Vice President | ||
Chief Financial Officer and Treasurer |
Service Corporation International Announces Strong First Quarter 2013 Financial Results
- Conference call on Thursday, April 25, 2013, at 9:00 a.m. Central Time
HOUSTON, April 24, 2013 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, today reported results for the first quarter 2013. Our unaudited condensed consolidated financial statements can be found at the end of this press release. The table below summarizes our key financial results:
(In millions, except for per share amounts) | Three Months Ended March 31, | ||||||
| 2013 |
| 2012 | ||||
Revenues | $ | 652.4 |
|
| $ | 602.5 |
|
Operating income | $ | 127.8 |
|
| $ | 101.1 |
|
Net income attributable to common stockholders | $ | 57.6 |
|
| $ | 48.0 |
|
Diluted earnings per share | $ | 0.27 |
|
| $ | 0.22 |
|
Earnings from continuing operations excluding special items(1) | $ | 60.6 |
|
| $ | 45.1 |
|
Diluted earnings per share from continuing operations excluding special items(1) | $ | 0.28 |
|
| $ | 0.20 |
|
Diluted weighted average shares outstanding | 215.2 |
|
| 223.2 |
| ||
Net cash provided by operating activities | $ | 151.1 |
|
| $ | 95.8 |
|
Net cash provided by operating activities excluding special items(1) | $ | 154.1 |
|
| $ | 95.8 |
|
|
|
|
|
|
|
|
|
(1) | Earnings from continuing operations excluding special items, diluted earnings per share from continuing operations excluding special items, and net cash provided by operating activities excluding special items are non-GAAP financial measures. A reconciliation to net income, diluted earnings per share, and net cash provided by operating activities computed in accordance with GAAP can be found later in this press release under the headings "Cash Flow and Capital Spending" and "Non-GAAP Financial Measures". |
Quarterly Highlights:
Tom Ryan, the Company's President and Chief Executive Officer, commented on the first quarter of 2013:
"We are very proud of the operating performance of our businesses during the first quarter which delivered an impressive 40% improvement in EPS from continuing operations excluding special items. Strong preneed cemetery sales production and a meaningful increase in funeral services performed drove earnings to the high end of our expectations. On this strong performance, we anticipate results for the year trending toward the upper end of the earnings and cash flow guidance ranges previously provided, and we remain confident that our solid operating platform and healthy financial position will allow us to actively pursue our growth strategies throughout the year and continue our focus on increasing shareholder value."
REVIEW OF RESULTS FOR FIRST QUARTER 2013
Consolidated Segment Results
(In millions, except funeral services performed and average revenue per funeral service) |
|
|
| Three Months Ended March 31, | ||||||
|
|
|
| 2013 |
| 2012 | ||||
Funeral |
|
|
|
|
|
| ||||
Funeral atneed revenue |
|
|
| $ | 267.0 |
|
| $ | 252.7 |
|
Funeral matured preneed revenue |
|
|
| 146.4 |
|
| 131.8 |
| ||
Funeral recognized preneed revenue |
|
|
| 18.9 |
|
| 13.7 |
| ||
Other funeral revenue |
|
|
| 29.7 |
|
| 26.1 |
| ||
Total funeral revenues |
|
|
| $ | 462.0 |
|
| $ | 424.3 |
|
|
|
|
|
|
|
| ||||
Gross profit |
|
|
| $ | 120.1 |
|
| $ | 100.0 |
|
Gross margin percentage |
|
|
| 26.0 | % |
| 23.6 | % | ||
|
|
|
|
|
|
| ||||
Funeral services performed |
|
|
| 79,788 |
|
| 74,706 |
| ||
Average revenue per funeral service |
|
|
| $ | 5,181 |
|
| $ | 5,147 |
|
|
|
|
|
|
|
| ||||
Cemetery |
|
|
|
|
|
| ||||
Cemetery atneed revenue |
|
|
| $ | 60.8 |
|
| $ | 58.1 |
|
Cemetery recognized preneed revenue |
|
|
| 104.0 |
|
| 96.9 |
| ||
Other cemetery revenue |
|
|
| 25.5 |
|
| 23.2 |
| ||
Total cemetery revenues |
|
|
| $ | 190.3 |
|
| $ | 178.2 |
|
|
|
|
|
|
|
| ||||
Gross profit |
|
|
| $ | 39.5 |
|
| $ | 27.6 |
|
Gross margin percentage |
|
|
| 20.8 | % |
| 15.5 | % |
Comparable Funeral Results
The table below details comparable funeral results of operations ("same store") for the three months ended March 31, 2013 and 2012, including the results of the Neptune Society for both periods. We consider comparable operations to be those owned for the entire period beginning January 1, 2012 and ending March 31, 2013.
(Dollars in millions, except average revenue per funeral service and average revenue per contract sold) |
| Three Months Ended March 31, | ||||||
|
| 2013 |
| 2012 | ||||
Comparable funeral revenue: |
|
|
|
| ||||
Atneed revenue(1) |
| 260.5 |
|
| 251.9 |
| ||
Matured preneed revenue(2) |
| 145.5 |
|
| 131.2 |
| ||
Recognized preneed revenue(3) |
| 17.9 |
|
| 13.6 |
| ||
Other funeral revenue(4) |
| 29.5 |
|
| 26.3 |
| ||
Total comparable funeral revenues |
| $ | 453.4 |
|
| $ | 423.0 |
|
|
|
|
|
| ||||
Comparable gross profit |
| $ | 118.9 |
|
| $ | 100.9 |
|
Comparable gross margin percentage |
| 26.2 | % |
| 23.9 | % | ||
|
|
|
|
| ||||
Comparable funeral services performed: |
|
|
|
| ||||
Preneed |
| 30,695 |
|
| 28,852 |
| ||
Atneed |
| 47,021 |
|
| 45,666 |
| ||
Total |
| 77,716 |
|
| 74,518 |
| ||
|
|
|
|
| ||||
Comparable average revenue per funeral service |
| $ | 5,224 |
|
| $ | 5,141 |
|
Comparable preneed funeral production: |
|
|
|
| ||||
Sales |
| $ | 180.9 |
|
| $ | 171.9 |
|
Preneed funeral contracts sold – SCI (excluding Neptune Society) |
| 27,297 |
|
| 26,362 |
| ||
Preneed funeral contracts sold – Neptune Society |
|
| 12,769 |
|
|
| 10,653 |
|
Average revenue per contract sold - SCI (excluding Neptune Society) |
| $ | 5,752 |
|
| $ | 5,819 |
|
Average revenue per contract sold - Neptune Society |
| $ | 1,873 |
|
| $ | 1,740 |
|
|
|
|
|
|
|
|
|
|
(1) | Funeral atneed revenue represents merchandise and funeral services sold after a death has occurred. |
(2) | Funeral matured preneed revenue represents merchandise and services sold on a preneed contract but delivered and/or performed after a death has occurred. |
(3) | Funeral recognized preneed revenue represents merchandise and services sold on a preneed contract and delivered before a death has occurred, including funeral merchandise and travel protection insurance, which primarily represent sales by the Neptune Society. |
(4) | Other funeral revenue consists primarily of General Agency revenues, which are commissions we receive from third-party insurance companies for life insurance policies or annuities sold to preneed customers for the purpose of funding preneed funeral arrangements. |
Comparable Cemetery Results
The table below details comparable cemetery results of operations ("same store") for the three months ended March 31, 2013 and 2012. We consider comparable operations to be those owned for the entire period beginning January 1, 2012 and ending March 31, 2013.
(Dollars in millions) |
| Three Months Ended March 31, | ||||||
|
| 2013 |
| 2012 | ||||
Comparable cemetery revenue: |
|
|
|
| ||||
Atneed revenue(1) |
| $ | 60.8 |
|
| $ | 58.0 |
|
Recognized preneed revenue(2) |
| 104.0 |
|
| 96.9 |
| ||
Other cemetery revenue(3) |
| 25.6 |
|
| 23.0 |
| ||
Total comparable cemetery revenues |
| $ | 190.4 |
|
| $ | 177.9 |
|
|
|
|
|
| ||||
Comparable gross profit |
| $ | 39.9 |
|
| $ | 27.4 |
|
Comparable gross margin percentage |
| 21.0 | % |
| 15.4 | % | ||
|
|
|
|
| ||||
Comparable preneed and atneed cemetery sales production: |
|
|
|
| ||||
Property |
| $ | 120.0 |
|
| $ | 109.2 |
|
Merchandise and services |
| 99.8 |
|
| 96.3 |
| ||
Discounts |
| (24.2) |
|
| (22.1) |
| ||
Preneed and atneed cemetery sales production |
| $ | 195.6 |
|
| $ | 183.4 |
|
Recognition rate (4) |
| 84 | % |
| 84 | % | ||
|
|
|
|
|
|
|
(1) | Cemetery atneed revenue represents merchandise and services sold after a death has occurred. | |||||||
(2) | Cemetery recognized preneed revenue represents merchandise and services sold on a preneed contract and delivered before a death has occurred. | |||||||
(3) | Other cemetery revenue is primarily related to cemetery merchandise and service trust fund income, endowment care trust fund income, royalty income, and interest and finance charges earned from customer receivables on preneed installment contracts. | |||||||
(4) | Represents the ratio of current period revenue recognition stated as a percentage of current period preneed sales production. |
Other Financial Results
Cash Flow and Capital Spending
Set forth below is a reconciliation of net cash provided by operating activities excluding special items to our reported net cash provided by operating activities prepared in accordance with GAAP. We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.
(In millions) |
|
|
|
| Three Months Ended March 31, | ||||||
|
|
|
|
| 2013 |
| 2012 | ||||
Net cash provided by operating activities, as reported |
|
|
|
| $ | 151.1 |
|
| $ | 95.8 |
|
System and Process Transition Costs |
|
|
|
| 1.7 |
|
| — |
| ||
Legal Defense Fees |
|
|
|
| 1.3 |
|
| — |
| ||
Net cash provided by operating activities excluding special items |
|
|
|
| $ | 154.1 |
|
| $ | 95.8 |
|
Capital Expenditures (In millions) |
|
|
|
| Three Months Ended March 31, | ||||||
|
|
|
|
| 2013 |
| 2012 | ||||
Capital improvements at existing locations |
|
|
|
| $ | 14.7 |
|
| $ | 13.7 |
|
Development of cemetery property |
|
|
|
| 6.2 |
|
| 8.0 |
| ||
Construction of new funeral home facilities |
|
|
|
| 1.7 |
|
| 1.7 |
| ||
Total capital expenditures |
|
|
|
| $ | 22.6 |
|
| $ | 23.4 |
|
TRUST FUND RETURNS
Total trust fund returns include realized and unrealized gains and losses and dividends. A summary of our consolidated trust fund returns for the three months ended March 31, 2013 is set forth below:
|
|
|
| Three Months |
Preneed Funeral |
|
|
| 6.3% |
Preneed Cemetery |
|
|
| 6.7% |
Cemetery Perpetual Care |
|
|
| 4.0% |
Combined Trust Funds |
|
|
| 5.7% |
NON-GAAP FINANCIAL MEASURES
Earnings from continuing operations excluding special items and diluted earnings per share from continuing operations excluding special items shown above are non-GAAP financial measures. We believe these non-GAAP financial measures provide a consistent basis for comparison between quarters and better reflect the performance of our core operations, as they are not influenced by certain income or expense items not affecting continuing operations. We also believe these measures help facilitate comparisons to our competitors' operating results.
Set forth below is a reconciliation of our reported net income attributable to common stockholders to earnings from continuing operations excluding special items and our GAAP diluted earnings per share to diluted earnings per share from continuing operations excluding special items. We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.
| Three Months Ended March 31, | ||||||||||||||
(In millions, except diluted EPS) | 2013 |
| 2012 | ||||||||||||
| Net Income |
| Diluted EPS |
| Net Income |
| Diluted EPS | ||||||||
Net income attributable to common stockholders, as reported | $ | 57.6 |
|
| $ | 0.27 |
|
| $ | 48.0 |
|
| $ | 0.22 |
|
After-tax reconciling items: |
|
|
|
|
|
|
| ||||||||
Impact of divestitures and impairment charges, net | 0.6 |
|
| — |
|
| 0.4 |
|
| — |
| ||||
System and process transition costs | 0.7 |
|
| — |
|
| — |
|
| — |
| ||||
Change in certain tax reserves | 0.9 |
|
| 0.01 |
|
| (3.3) |
|
| (0.02) |
| ||||
Legal Defense Fees | 0.8 |
|
| — |
|
| — |
|
| — |
| ||||
Earnings from continuing operations and diluted earnings per share excluding special items | $ | 60.6 |
|
| $ | 0.28 |
|
| $ | 45.1 |
|
| $ | 0.20 |
|
|
|
|
|
|
|
|
| ||||||||
Diluted weighted average shares outstanding (in thousands) |
|
| 215,208 |
|
|
|
| 223,212 |
|
Conference Call and Webcast
We will host a conference call on Thursday, April 25, 2013, at 9:00 a.m. Central Time. A question and answer session will follow a brief presentation made by management. The conference call dial-in number is (847) 413-3237 with the passcode of 34696233. The conference call will also be broadcast live via the Internet and can be accessed through our website at www.sci-corp.com. A replay of the conference call will be available through May 25, 2013 and can be accessed at (630) 652-3000 with the passcode of 34696233#. Additionally, a replay of the conference call will be available on our website for approximately ninety days.
Cautionary Statement on Forward-Looking Statements
The statements in this press release that are not historical facts are forward-looking statements made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by words such as "believe," "estimate," "project," "expect," "anticipate" or "predict," that convey the uncertainty of future events or outcomes. These statements are based on assumptions that we believe are reasonable; however, many important factors could cause our actual results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by us, or on our behalf. Important factors, which could cause actual results to differ materially from those in forward-looking statements include, among others, the following:
For further information on these and other risks and uncertainties, see our Securities and Exchange Commission filings included in our 2012 Annual Report on Form 10-K, which was filed February 13, 2013. Copies of this document as well as other SEC filings can be obtained from our website at www.sci-corp.com. We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events or otherwise.
About Service Corporation International
Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of deathcare products and services. At March 31, 2013, we owned and operated 1,437 funeral homes and 374 cemeteries (of which 213 are combination locations) in 43 states, eight Canadian provinces and the District of Columbia. Through our businesses, we market the Dignity Memorial® brand which offers assurance of quality, value, caring service, and exceptional customer satisfaction. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about Dignity Memorial®, please visit www.dignitymemorial.com.
For additional information contact: |
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| ||
|
|
|
|
|
Investors: |
| Debbie Young - Director / Investor Relations |
| (713) 525-9088 |
Media: |
| Lisa Marshall - Managing Director / Corporate Communications |
| (713) 525-3066 |
SERVICE CORPORATION INTERNATIONAL
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| Three Months Ended March 31, | ||||||
|
|
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| 2013 |
| 2012 | ||||
Revenues |
|
|
| $ | 652,352 |
|
| $ | 602,506 |
|
Costs and expenses |
|
|
| (492,752) |
|
| (474,939) |
| ||
Gross profit |
|
|
| 159,600 |
|
| 127,567 |
| ||
General and administrative expenses |
|
|
| (30,866) |
|
| (25,959) |
| ||
|
|
|
|
|
|
|
|
| ||
(Losses) on divestitures and impairment charges, net |
|
|
| (969) |
|
| (490) |
| ||
Operating income |
|
|
| 127,765 |
|
| 101,118 |
| ||
Interest expense |
|
|
| (32,769) |
|
| (33,588) |
| ||
Other (expense) income, net |
|
|
| (984) |
|
| 3,905 |
| ||
|
|
|
|
|
|
|
|
| ||
Income from continuing operations before income taxes |
|
|
| 94,012 |
|
| 71,435 |
| ||
Provision for income taxes |
|
|
| (35,290) |
|
| (23,120) |
| ||
Net income |
|
|
| 58,722 |
|
| 48,315 |
| ||
|
|
|
|
|
|
|
|
| ||
Net income attributable to noncontrolling interests |
|
|
| (1,102) |
|
| (290) |
| ||
|
|
|
|
|
|
|
|
| ||
Net income attributable to common stockholders |
|
|
| $ | 57,620 |
|
| $ | 48,025 |
|
|
|
|
|
|
|
| ||||
Basic earnings per share |
|
|
| $ | 0.27 |
|
| $ | 0.22 |
|
Diluted earnings per share |
|
|
| $ | 0.27 |
|
| $ | 0.22 |
|
|
|
|
|
|
|
| ||||
Basic weighted average number of shares |
|
|
| 211,380 |
|
| 220,132 |
| ||
Diluted weighted average number of shares |
|
|
| 215,208 |
|
| 223,212 |
|
SERVICE CORPORATION INTERNATIONAL
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| March 31, 2013 |
| December 31, 2012 | ||||
ASSETS |
|
|
| ||||
Current assets: |
|
|
| ||||
Cash and cash equivalents | $ | 188,546 |
|
| $ | 92,708 |
|
Receivables, net | 92,955 |
|
| 101,817 |
| ||
Deferred tax asset | 42,833 |
|
| 42,864 |
| ||
Inventories, net | 25,556 |
|
| 24,560 |
| ||
Other | 24,858 |
|
| 20,546 |
| ||
Total current assets | 374,748 |
|
| 282,495 |
| ||
Preneed funeral receivables, net and trust investments | 1,558,994 |
|
| 1,535,932 |
| ||
Preneed cemetery receivables, net and trust investments | 1,897,314 |
|
| 1,826,835 |
| ||
Cemetery property, at cost | 1,486,646 |
|
| 1,489,948 |
| ||
Property and equipment, net | 1,635,118 |
|
| 1,641,101 |
| ||
Goodwill | 1,379,303 |
|
| 1,382,410 |
| ||
Deferred charges and other assets | 421,646 |
|
| 425,267 |
| ||
Cemetery perpetual care trust investments | 1,128,284 |
|
| 1,099,580 |
| ||
| $ | 9,882,053 |
|
| $ | 9,683,568 |
|
LIABILITIES & EQUITY |
|
|
| ||||
Current liabilities: |
|
|
| ||||
Accounts payable and accrued liabilities | $ | 378,844 |
|
| $ | 373,783 |
|
Current maturities of long-term debt | 37,315 |
|
| 31,429 |
| ||
Income taxes | 9,373 |
|
| 6,892 |
| ||
Total current liabilities | 425,532 |
|
| 412,104 |
| ||
Long-term debt | 1,913,382 |
|
| 1,916,621 |
| ||
Deferred preneed funeral revenues | 525,933 |
|
| 536,647 |
| ||
Deferred preneed cemetery revenues | 876,553 |
|
| 861,148 |
| ||
Deferred tax liability | 507,091 |
|
| 471,198 |
| ||
Other liabilities | 392,369 |
|
| 399,950 |
| ||
Deferred preneed funeral and cemetery receipts held in trust | 2,714,633 |
|
| 2,624,321 |
| ||
Care trusts' corpus | 1,127,479 |
|
| 1,098,752 |
| ||
|
|
|
| ||||
Stockholders' Equity: |
|
|
| ||||
Common stock, $1 per share par value, 500,000,000 shares authorized, 211,785,586 and 211,056,501 shares issued, respectively, and 211,663,639 and 211,046,501 shares outstanding, respectively | 211,664 |
|
| 211,047 |
| ||
Capital in excess of par value | 1,297,949 |
|
| 1,307,058 |
| ||
Accumulated deficit | (230,098) |
|
| (286,795) |
| ||
Accumulated other comprehensive income | 106,205 |
|
| 111,717 |
| ||
Total common stockholders' equity | 1,385,720 |
|
| 1,343,027 |
| ||
Noncontrolling interests | 13,361 |
|
| 19,800 |
| ||
Total Equity | 1,399,081 |
|
| 1,362,827 |
| ||
| $ | 9,882,053 |
|
| $ | 9,683,568 |
|
SERVICE CORPORATION INTERNATIONAL
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| Three Months Ended March 31, | ||||||
| 2013 |
| 2012 | ||||
Cash flows from operating activities: |
|
|
| ||||
Net income | $ | 58,722 |
|
| $ | 48,315 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| ||||
Depreciation and amortization | 30,447 |
|
| 29,541 |
| ||
Amortization of intangible assets | 5,808 |
|
| 6,149 |
| ||
Amortization of cemetery property | 8,975 |
|
| 9,569 |
| ||
Amortization of loan costs | 1,235 |
|
| 1,194 |
| ||
Provision for doubtful accounts | 1,720 |
|
| 2,842 |
| ||
Provision for deferred income taxes | 26,134 |
|
| 18,479 |
| ||
Losses on divestitures and impairment charges, net | 969 |
|
| 490 |
| ||
Share-based compensation | 2,830 |
|
| 2,574 |
| ||
Excess tax benefits from share-based awards | (772) |
|
| — |
| ||
Change in assets and liabilities, net of effects from acquisitions and divestitures: |
|
|
| ||||
Decrease in receivables | 5,962 |
|
| 4,471 |
| ||
Increase in other assets | (5,882) |
|
| (5,352) |
| ||
Increase (decrease) in payables and other liabilities | 12,215 |
|
| (7,888) |
| ||
Effect of preneed funeral production and maturities: |
|
|
| ||||
Decrease in preneed funeral receivables, net and trust investments | 13,738 |
|
| 16,066 |
| ||
Decrease in deferred preneed funeral revenue | (4,000) |
|
| (7,735) |
| ||
Decrease in deferred preneed funeral receipts held in trust | (14,176) |
|
| (10,069) |
| ||
Effect of cemetery production and deliveries: |
|
|
| ||||
Increase in preneed cemetery receivables, net and trust investments | (6,359) |
|
| (26,238) |
| ||
Increase in deferred preneed cemetery revenue | 15,912 |
|
| 15,948 |
| ||
(Decrease) increase in deferred preneed cemetery receipts held in trust | (3,419) |
|
| 642 |
| ||
Other | 1,065 |
|
| (3,214) |
| ||
Net cash provided by operating activities | 151,124 |
|
| 95,784 |
| ||
Cash flows from investing activities: |
|
|
| ||||
Capital expenditures | (22,569) |
|
| (23,378) |
| ||
Acquisitions | — |
|
| (804) |
| ||
Proceeds from divestitures and sales of property and equipment, net | 1,816 |
|
| 264 |
| ||
Net withdrawals of restricted funds and other | 339 |
|
| 1,176 |
| ||
Net cash used in investing activities | (20,414) |
|
| (22,742) |
| ||
Cash flows from financing activities: |
|
|
| ||||
Proceeds from the issuance of long-term debt | — |
|
| 907 |
| ||
Payments of debt | (4,948) |
|
| (497) |
| ||
Principal payments on capital leases | (6,468) |
|
| (6,084) |
| ||
Proceeds from exercise of stock options | 3,094 |
|
| 2,323 |
| ||
Excess tax benefit from share-based awards | 772 |
|
| — |
| ||
Purchase of Company common stock | (1,708) |
|
| (75,106) |
| ||
Payments of dividends | (12,698) |
|
| (11,104) |
| ||
Purchase of Neptune Society non-controlling interest | (8,333) |
|
| — |
| ||
Bank overdrafts and other | (4,004) |
|
| 433 |
| ||
Net cash used in by financing activities | (34,293) |
|
| (89,128) |
| ||
Effect of foreign currency | (579) |
|
| 1,348 |
| ||
Net increase (decrease) in cash and cash equivalents | 95,838 |
|
| (14,738) |
| ||
Cash and cash equivalents at beginning of period | 92,708 |
|
| 128,569 |
| ||
Cash and cash equivalents at end of period | $ | 188,546 |
|
| $ | 113,831 |
|