v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our Chief Operating Decision Maker (the “CODM”), who is the Chief Executive Officer, utilizes segment operating income (loss) for resource allocation across segments, particularly during the annual budgeting and forecasting processes. The CODM examines variances on a monthly basis to make informed decisions regarding capital and personnel distribution among segments. Additionally, the CODM employs segment gross profit for product pricing evaluation and uses segment adjusted operating profit to assess each segment’s performance by comparing results and return on assets against expected outcomes.
The tables below present revenue, disaggregated by major source for each of our reportable segments, as well as, significant segment expenses, other segment expenses, operating income (loss), depreciation and amortization, interest expense, income (loss) before income taxes, income tax expense (benefit), capital expenditures and number of operating locations by segment as follows, (in thousands, except number of operating locations) for the three and six months ended June 30, 2025 and 2024, respectively:
Six months ended, June 30, 2025FuneralCemeteryCorporateTotal
Revenue
Services$89,257 $10,263 $— $99,520 
Merchandise39,820 8,369 — 48,189 
Cemetery property— 43,910 — 43,910 
Other revenue10,789 6,808 — 17,597 
Total revenue139,866 69,350 — 209,216 
Less:
Salaries, benefits and commission expenses
34,988 20,452 — 55,440 
Cost of merchandise14,979 2,699 — 17,678 
Allocated overhead costs(1)
6,613 2,699 — 9,312 
Facilities and grounds expenses5,638 2,765 — 8,403 
General and administrative expenses(2)
5,724 1,851 — 7,575 
Other segment expenses(3)
22,058 9,202 23,986 55,246 
Operating income (loss)$49,866 $29,682 $(23,986)$55,562 
Interest expense$684 $6 $13,642 $14,332 
Depreciation and amortization$5,661 $5,018 $895 $11,574 
Income (loss) before income taxes$51,867 $31,078 $(39,834)$43,111 
Income tax expense (benefit)$12,567 $7,530 $(9,651)$10,446 
Capital expenditures$1,258 $3,701 $1,049 $6,008 
Number of operating locations at year end159 28 — 187 
(1) Allocated overhead costs include: property insurance costs, property tax expenses, and corporate overhead fees allocated to the field, such as information technology, human resources, legal, and finance.
(2) General and administrative expenses include: professional services, travel and meals expenses, computer software expenses, and office supplies.
(3) The Corporate segment’s other segment expenses primarily include general, administrative and other expenses, net loss on divestitures, disposals, and impairment charges and amortization and depreciation expenses. The Funeral and Cemetery segment's other segment expenses primarily include transportation costs, other funeral costs, non-payroll related promotional costs, net loss on divestitures, disposals and impairment charges, and amortization and depreciation expenses.
Six months ended June 30, 2024FuneralCemeteryCorporateTotal
Revenue
Services$84,396 $9,736 $— $94,132 
Merchandise42,323 8,623 — 50,946 
Cemetery property— 44,146 — 44,146 
Other revenue8,707 7,880 — 16,587 
Total revenue135,426 70,385 — 205,811 
Less:(1)
Salaries, benefits and commission expenses
35,158 19,185 — 54,343 
Cost of merchandise14,541 2,357 — 16,898 
Allocated overhead costs(2)
6,606 2,357 — 8,963 
Facilities and grounds expenses5,063 2,802 — 7,865 
General and administrative expenses(3)
5,272 1,802 — 7,074 
Other segment expenses(4)
24,944 13,037 34,841 72,822 
Operating income (loss)$43,842 $28,845 $(34,841)$37,846 
Interest expense$447 $7 $16,582 $17,036 
Depreciation and amortization$5,875 $5,313 $476 $11,664 
Income (loss) before income taxes$43,901 $29,012 $(51,732)$21,181 
Income tax expense (benefit)$16,475 $10,888 $(19,414)$7,949 
Capital expenditures$2,415 $4,472 $209 $7,096 
Number of operating locations at year end164 31 — 195 
(2) Allocated overhead costs include: property insurance costs, property tax expenses, and corporate overhead fees allocated to the field, such as information technology, human resources, legal, and finance.
(3) General and administrative expenses include: professional services, travel and meals expenses, computer software expenses, and office supplies.
(4) The Corporate segment’s other segment expenses primarily include general, administrative and other expenses, net loss on divestitures, disposals, and impairment charges and amortization and depreciation expenses. The Funeral and Cemetery segment's other segment expenses primarily include transportation costs, other funeral costs, non-payroll related promotional costs, net loss on divestitures, disposals and impairment charges, and amortization and depreciation expenses.