SERVICE CORP INTERNATIONAL
For the period ended Mar 31, 2025. Filed May 1, 2025.
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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, 2025 · Filed May 1, 2025
Contents
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 Chief Operating Decision Maker (CODM) is our Chief Executive Officer, who is responsible for making key operating, finance, and capital allocation decisions and specifically uses segment gross profit to aid in the decision making and to assess the performance of the operating segments.
FORM 10-Q 21
PART I
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, | ||
|---|---|---|
| 2025 | 2024 | |
| (In thousands) | ||
| Revenue from customers: | ||
| Funeral revenue: | ||
| Atneed revenue | $329,071 | $315,377 |
| Matured preneed revenue | 205,842 | 190,148 |
| Core funeral revenue | 534,913 | 505,525 |
| Non-funeral home revenue | 27,608 | 23,683 |
| Non-funeral home preneed sales revenue | 22,200 | 29,075 |
| Core general agency and other revenue | 54,773 | 46,450 |
| Total funeral revenue | $639,494 | $604,733 |
| Direct cost | (92,778) | (91,970) |
| Selling compensation | (46,731) | (44,106) |
| Salaries & fringe expense | (166,280) | (161,457) |
| Facility expenses | (68,304) | (63,866) |
| Other costs and overhead | (111,423) | (111,460) |
| Total funeral expense | $(485,516) | $(472,859) |
| Funeral gross profit | $153,978 | $131,874 |
| Cemetery revenue: | ||
| Atneed revenue | $112,302 | $109,728 |
| Recognized preneed property revenue | 188,660 | 199,726 |
| Recognized preneed merchandise and services revenue | 98,470 | 98,280 |
| Core cemetery revenue | 399,432 | 407,734 |
| Other revenue | 35,241 | 32,915 |
| Total cemetery revenue | $434,673 | $440,649 |
| Direct cost | (58,757) | (62,011) |
| Selling compensation | (80,668) | (80,132) |
| Maintenance expense | (63,056) | (61,398) |
| Other costs and overhead | (94,753) | (94,769) |
| Total cemetery expense | $(297,234) | $(298,310) |
| Cemetery gross profit | $137,439 | $142,339 |
| Total revenue from customers | $1,074,167 | $1,045,382 |
| Total segment expenses | (782,750) | (771,169) |
| Gross profit from reportable segments | $291,417 | $274,213 |
| Corporate general and administrative expenses | (44,701) | (41,325) |
| Gains (losses) on divestitures and impairment charges, net | 4,971 | (684) |
| Operating income | $251,687 | $232,204 |
| Interest expense | (61,483) | (64,352) |
| Other income, net | 3,152 | 2,462 |
| Income before income taxes | $193,356 | $170,314 |
22 Service Corporation International
PART I
Our geographic area information was as follows:
| United States · Canada · Total | |||
|---|---|---|---|
| (In thousands) | |||
| Three months ended March 31, | |||
| Revenue from external customers: | |||
| 2025 | $1,020,407 | $53,760 | $1,074,167 |
| 2024 | $988,456 | $56,926 | $1,045,382 |
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