SERVICE CORP INTERNATIONAL
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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8. Segment Reporting
PART I
- Segment Reporting
Our operations are both product-based and geographically-based, and the reportable operating segments presented below include our funeral and cemetery operations. Our geographic areas include the United States and Canada, where we conduct both funeral and cemetery operations.
Our reportable segment information, including disaggregated revenue, was as follows and includes a reconciliation of gross profit to our consolidated income before income taxes.
| Three months ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In thousands) | ||
| Revenue from customers: | ||
| Funeral revenue: | ||
| Atneed revenue | $315,377 | $313,240 |
| Matured preneed revenue | 190,148 | 185,709 |
| Core funeral revenue | 505,525 | 498,949 |
| Non-funeral home revenue | 23,683 | 21,209 |
| Non-funeral home preneed sales revenue | 29,075 | 41,242 |
| Core general agency and other revenue | 46,450 | 48,309 |
| Total funeral revenue | 604,733 | 609,709 |
| Cemetery revenue: | ||
| Atneed revenue | 109,728 | 110,274 |
| Recognized preneed property revenue | 199,726 | 191,729 |
| Recognized preneed merchandise and services revenue | 98,280 | 86,160 |
| Core cemetery revenue | 407,734 | 388,163 |
| Other revenue | 32,915 | 30,837 |
| Total cemetery revenue | 440,649 | 419,000 |
| Total revenue from customers | $1,045,382 | $1,028,709 |
| Gross profit: | ||
| Funeral gross profit | $131,874 | $149,466 |
| Cemetery gross profit | 142,339 | 139,628 |
| Gross profit from reportable segments | 274,213 | 289,094 |
| Corporate general and administrative expenses | (41,325) | (44,160) |
| (Losses) gains on divestitures and impairment charges, net | (684) | 691 |
| Operating income | 232,204 | 245,625 |
| Interest expense | (64,352) | (53,916) |
| Losses on early extinguishment of debt | — | (1,060) |
| Other income, net | 2,462 | 1,209 |
| Income before income taxes | $170,314 | $191,858 |
Our geographic area information was as follows:
| United States · Canada · Total | |||
|---|---|---|---|
| (In thousands) | |||
| Three months ended March 31, | |||
| Revenue from external customers: | |||
| 2024 | $988,456 | $56,926 | $1,045,382 |
| 2023 | $971,509 | $57,200 | $1,028,709 |
22 Service Corporation International
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