Company Quick10K Filing
Service International
Price47.43 EPS2
Shares186 P/E21
MCap8,815 P/FCF19
Net Debt3,336 EBIT671
TEV12,151 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-18
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-14
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-15
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-18
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-13
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-13
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-14
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-13
8-K 2020-05-13
8-K 2020-04-29
8-K 2020-04-03
8-K 2020-02-20
8-K 2020-02-17
8-K 2019-11-13
8-K 2019-10-30
8-K 2019-08-14
8-K 2019-07-29
8-K 2019-06-14
8-K 2019-05-22
8-K 2019-05-21
8-K 2019-05-08
8-K 2019-05-08
8-K 2019-05-07
8-K 2019-05-07
8-K 2019-04-24
8-K 2019-02-21
8-K 2019-02-18
8-K 2019-01-16
8-K 2018-11-30
8-K 2018-11-14
8-K 2018-10-29
8-K 2018-08-15
8-K 2018-07-30
8-K 2018-05-23
8-K 2018-05-09
8-K 2018-04-25
8-K 2018-02-20
8-K 2018-02-13
8-K 2018-02-13

SCI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Part I
Part II
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Part I
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Part II
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Part II
EX-10.1 sci-6302020x10qxex101.htm
EX-10.2 sci-6302020x10qxex102.htm
EX-10.3 sci-6302020x10qxex103.htm
EX-10.4 sci-6302020x10qxex104.htm
EX-10.5 sci-6302020x10qxex105.htm
EX-10.6 sci-6302020x10qxex106.htm
EX-31.1 sci-6302020x10qxex311.htm
EX-31.2 sci-6302020x10qxex312.htm
EX-32.1 sci-6302020x10qxex321.htm
EX-32.2 sci-6302020x10qxex322.htm

Service International Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
2.41.91.41.00.50.02012201420172020
Rev, G Profit, Net Income
1.00.60.2-0.3-0.7-1.12012201420172020
Ops, Inv, Fin

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJUNE 30, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to          
Commission file number 1-6402-1
SERVICE CORPORATION INTERNATIONAL
(Exact name of registrant as specified in its charter)
Texas74-1488375
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification no.)
1929 Allen Parkway
Houston
Texas77019
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (713) 522-5141
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol (s)Name of Each Exchange on Which Registered
Common Stock ($1 par value) SCINew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
þ
No
¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
þ
No
¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
þ
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Indicate by check mark whether the registrant is a shell company (as defined in 12b-2 of the act).
Yes
No
þ
The number of shares outstanding of the registrant’s common stock as of July 28, 2020 was 176,219,014 (net of treasury shares).



SERVICE CORPORATION INTERNATIONAL

INDEX
  Page
GLOSSARY
PART II. OTHER INFORMATION
2 Service Corporation International


Glossary
The following terms are common to the deathcare industry, are used throughout this report, and have the following meanings:
Atneed — Funeral, including cremation, and cemetery arrangements sold once death has occurred.
Cancellation — Termination of a preneed contract, which relieves us of the obligation to provide the goods and services included in the contract. Cancellations may be requested by the customer or be initiated by us for failure to comply with the contractual terms of payment. State or provincial laws govern the amount of refund, if any, owed to the customer.
Care Trust Corpus — The deposits and net realized capital gains and losses included in a perpetual care trust that cannot be withdrawn. In certain states, some or all of the net realized capital gains can be distributed, so they are not included in the corpus.
Cemetery Merchandise and Services — Stone and bronze memorials, markers, outer burial containers, floral placement, graveside services, merchandise installations, urns, and interments.
Cemetery Perpetual Care Trust or Endowment Care Fund (ECF) — A trust fund established for the purpose of maintaining cemetery grounds and property into perpetuity. For these trusts, the corpus remains in the trust in perpetuity and the investment earnings or elected distributions are withdrawn regularly and are intended to defray our expenses incurred to maintain the cemetery. In certain states, some or all of the net realized capital gains can also be distributed. Additionally, some states allow a total return distribution that may contain elements of income, capital appreciation, and principal.
Cemetery Property — Developed lots, lawn crypts, mausoleum spaces, niches, and cremation memorialization property items (constructed and ready to accept interments) and undeveloped land we intend to develop for the sale of interment rights. Includes the construction-in-progress balance during the pre-construction and construction phases of projects creating new developed property items.
Cemetery Property Amortization — The non-cash recognized expenses of cemetery property interment rights, which are recorded by specific identification with the cemetery property revenue for each contract.
Cemetery Property Interment Rights — The exclusive right to determine the human remains that will be interred in a specific cemetery property space. See also Cemetery Property Revenue below.
Cemetery Property Revenue — Recognized sales of interment rights in cemetery property when the receivable is deemed collectible and the property is fully constructed and available for interment.
Combination Location (Combos) — Locations where a funeral service location is physically located within or adjoining an SCI-owned cemetery location.
Cremation — The reduction of human remains to bone fragments by intense heat.
Cremation Memorialization — Products specifically designed to commemorate and honor the life of an individual that has been cremated. These products include cemetery property items that provide for the disposition of cremated remains within our cemeteries such as benches, boulders, statues, etc. They also include memorial walls and books where the name of the individual is inscribed but the remains have been scattered or kept by the family.
Funeral Merchandise and Services — Merchandise such as burial caskets and related accessories, outer burial containers, urns and other cremation receptacles, casket and cremation memorialization products, flowers, and professional services relating to funerals including arranging and directing services, use of funeral facilities and motor vehicles, removal, preparation, embalming, cremations, memorialization, visitations, travel protection, and catering.
Funeral Recognized Preneed Revenue — Funeral merchandise and travel protection, net sold on a preneed contract and delivered before a death has occurred.
Funeral Services Performed — The number of funeral services, including cremations, provided after the date of death, sometimes referred to as funeral volume.
General Agency (GA) Revenue — Commissions we receive from third-party life insurance companies for life insurance policies sold to preneed customers for the purpose of funding preneed funeral arrangements. The commission rate paid is determined based on the product type sold, the length of payment terms, and the age of the insured/annuitant.
Interment — The burial or final placement of human remains in the ground (interment), in mausoleums (entombment), in niches (inurnment), or in cremation memorialization property (inurnment).
Lawn Crypt — Cemetery property in which an underground outer burial receptacle constructed of concrete and reinforced steel has been pre-installed in predetermined designated areas.
Marker — A method of identifying a deceased person in a particular burial space, crypt, niche, or cremation memorialization property. Permanent burial and cremation memorialization markers are usually made of bronze or stone.
FORM 10-Q 3


Maturity — When the underlying contracted merchandise is delivered or service is performed, typically at death. This is the point at which preneed funeral contracts are converted to atneed contracts (note — delivery of certain merchandise and services can occur prior to death).
Mausoleum — An above ground structure that is designed to house caskets and/or cremation urns.
Merchandise and Service Trust — A trust account established in accordance with state or provincial law into which we deposit the required percentage of customers’ payments for preneed funeral, cremation, or cemetery merchandise and services to be delivered or performed by us in the future. The amounts deposited can be withdrawn only after we have completed our obligations under the preneed contract or the cancellation of the contract. Also referred to as a preneed trust.
Outer Burial Container — A reinforced container intended to inhibit the subsidence of the earth and house the casket after it is placed in the ground, also known as a burial vault.
Preneed — Purchase of cemetery property interment rights or any merchandise and services prior to death occurring.
Preneed Backlog — Future revenue from unfulfilled preneed funeral, cremation, and cemetery contractual arrangements.
Preneed Cemetery Production — Sales of preneed cemetery contracts. These sales are recorded in Deferred revenue, net until the merchandise is delivered, the service is performed, and the property has been constructed and is available for interment.
Preneed Funeral Production — Sales of preneed funeral trust-funded and insurance-funded contracts. Preneed funeral trust-funded contracts are recorded in Deferred revenue, net until the merchandise is delivered or the service is performed. We do not reflect the unfulfilled insurance-funded preneed funeral contract amounts in our Consolidated Balance Sheet. The proceeds of the life insurance policies will be reflected in revenue as these funerals are performed by us in the future.
Preneed Receivables, Net — Amounts due from customers when we have delivered the merchandise, performed the service, or transferred control of the cemetery property interment rights prior to a death occurring or amounts due from customers on irrevocable preneed contracts.
Sales Average — Average revenue per funeral service performed, excluding the impact of funeral recognized preneed revenue, GA revenue, and certain other revenue.
Travel Protection — A product that provides shipment of remains to the servicing funeral home or cemetery of choice if the purchaser passes away outside of a certain radius of their residence, without any additional expense to the family.
Trust Fund Income — Recognized investment earnings from our merchandise and service and perpetual care trust investments.
As used herein, “SCI”, “Company”, “we”, “our”, and “us” refer to Service Corporation International and companies owned directly or indirectly by Service Corporation International, unless the context requires otherwise. Management published a white paper on the corporate website for further understanding of accounting for preneed sales. You can view the white paper at http://investors.sci-corp.com under Featured Documents. Documents and information on our website are not incorporated by reference herein.


4 Service Corporation International


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Service Corporation International
Condensed Consolidated Statement of Operations (Unaudited)   
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(in thousands, except per share amounts)
Revenue
Property and merchandise revenue$414,596  $415,492  $792,479  $796,701  
Service revenue354,799  339,090  722,327  694,461  
Other revenue50,640  57,990  108,194  119,622  
Total revenue820,035  812,572  1,623,000  1,610,784  
Costs of revenue
Cost of property and merchandise(207,102) (213,635) (403,550) (411,529) 
Cost of service(173,515) (193,378) (371,039) (384,191) 
Overhead and other expenses(220,651) (214,413) (450,600) (432,084) 
Costs of revenue(601,268) (621,426) (1,225,189) (1,227,804) 
Gross profit218,767  191,146  397,811  382,980  
Corporate general and administrative expenses(37,169) (29,218) (68,982) (72,196) 
Gains (losses) on divestitures and impairment charges, net737  (11,823) 5,282  (13,701) 
Operating income182,335  150,105  334,111  297,083  
Interest expense(41,767) (47,317) (86,118) (94,707) 
Losses on early extinguishment of debt, net(11) (7,579) (150) (7,579) 
Other income (expense), net1,166  874  (81) 1,594  
Income before income taxes141,723  96,083  247,762  196,391  
Provision for income taxes(36,170) (23,570) (60,208) (44,665) 
Net income105,553  72,513  187,554  151,726  
Net income attributable to noncontrolling interests(45) (184) (105) (74) 
Net income attributable to common stockholders$105,508  $72,329  $187,449  $151,652  
Basic earnings per share: 
Net income attributable to common stockholders$0.59  $0.40  $1.04  $0.83  
Basic weighted average number of shares177,902  182,369  179,378  182,048  
Diluted earnings per share:
Net income attributable to common stockholders$0.59  $0.39  $1.03  $0.82  
Diluted weighted average number of shares179,666  185,690  181,639  185,517  
(See notes to unaudited condensed consolidated financial statements)
FORM 10-Q 5



PART I
Service Corporation International
Condensed Consolidated Statement of Comprehensive Income (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(In thousands)
Net income$105,553  $72,513  $187,554  $151,726  
Other comprehensive income:
Foreign currency translation adjustments13,738  6,998  (17,464) 14,399  
Total comprehensive income119,291  79,511  170,090  166,125  
Total comprehensive income attributable to noncontrolling interests(47) (36) (105) (76) 
Total comprehensive income attributable to common stockholders$119,244  $79,475  $169,985  $166,049  
(See notes to unaudited condensed consolidated financial statements)
6 Service Corporation International



PART I
Service Corporation International
Condensed Consolidated Balance Sheet (Unaudited)
 June 30, 2020December 31, 2019
 (In thousands, except share amounts)
ASSETS
Current assets:  
Cash and cash equivalents$222,234  $186,276  
Receivables, net of reserves of $6,006 and $2,262, respectively
76,963  81,671  
Inventories25,965  25,118  
Other58,474  80,488  
Total current assets383,636  373,553  
Preneed receivables, net of reserves of $18,277 and $41,142, respectively, and trust investments
4,622,700  4,789,562  
Cemetery property1,882,890  1,873,602  
Property and equipment, net2,098,196  2,065,433  
Goodwill1,865,401  1,864,223  
Deferred charges and other assets, net of reserves of $8,245 and $8,374, respectively
1,035,508  1,029,908  
Cemetery perpetual care trust investments1,599,599  1,681,149  
Total assets$13,487,930  $13,677,430  
LIABILITIES & EQUITY
Current liabilities:  
Accounts payable and accrued liabilities$460,718  $478,545  
Current maturities of long-term debt87,267  69,821  
Income taxes payable58,840  8,353  
Total current liabilities606,825  556,719  
Long-term debt3,573,709  3,513,530  
Deferred revenue, net1,494,106  1,467,103  
Deferred tax liability433,021  421,482  
Other liabilities381,704  378,074  
Deferred receipts held in trust3,644,212  3,839,376  
Care trusts’ corpus1,600,025  1,677,891  
Commitments and contingencies (Note 9)
Equity:
Common stock, $1 per share par value, 500,000,000 shares authorized, 186,104,673 and 185,100,789 shares issued, respectively, and 177,011,040 and 181,184,963 shares outstanding, respectively
177,011  181,185  
Capital in excess of par value1,002,988  1,010,361  
Retained earnings561,882  601,903  
Accumulated other comprehensive income12,400  29,864  
Total common stockholders’ equity1,754,281  1,823,313  
Noncontrolling interests47  (58) 
Total equity1,754,328  1,823,255  
Total liabilities and equity$13,487,930  $13,677,430  
(See notes to unaudited condensed consolidated financial statements)
FORM 10-Q 7



PART I
Service Corporation International
Condensed Consolidated Statement of Cash Flows (Unaudited)
 Six Months Ended June 30,
 20202019
(In thousands)
Cash flows from operating activities:  
Net income$187,554  $151,726  
Adjustments to reconcile net income to net cash provided by operating activities:
Losses on early extinguishment of debt, net150  7,579  
Depreciation and amortization75,582  74,244  
Amortization of intangibles11,304  13,653  
Amortization of cemetery property33,696  33,523  
Amortization of loan costs2,571  2,989  
Provision for expected credit losses9,023  4,273  
Provision for deferred income taxes5,681  6,090  
(Gains) losses on divestitures and impairment charges, net(5,282) 13,701  
Share-based compensation7,044  8,013  
Change in assets and liabilities, net of effects from acquisitions and dispositions:
Decrease (increase) in receivables2,781  (11,608) 
Increase in other assets(18,232) (18,643) 
Increase (decrease) in payables and other liabilities41,936  (55,148) 
Effect of preneed sales production and maturities:
Increase in preneed receivables, net and trust investments(16,520) (1,594) 
Increase in deferred revenue, net39,374  55,441  
Decrease in deferred receipts held in trust(12,360) (21,346) 
Net cash provided by operating activities364,302  262,893  
Cash flows from investing activities:
Capital expenditures(104,828) (112,714) 
Business acquisitions, net of cash acquired(26,271) (21,418) 
Real estate acquisitions(32,766) (11,337) 
Proceeds from divestitures and sales of property and equipment12,136  11,380  
Payments for Company-owned life insurance policies
(3,848) (8,586) 
Proceeds from Company-owned life insurance policies and other
3,519    
Net cash used in investing activities(152,058) (142,675) 
Cash flows from financing activities:
Proceeds from issuance of long-term debt190,000  854,263  
Debt issuance costs  (15,536) 
Scheduled payments of debt(16,455) (8,712) 
Early payments of debt(95,897) (828,121) 
Principal payments on finance leases(20,453) (21,807) 
Proceeds from exercise of stock options15,126  23,101  
Purchase of Company common stock(210,568) (29,574) 
Payments of dividends(68,133) (65,691) 
Bank overdrafts and other6,686  12,307  
Net cash used in financing activities(199,694) (79,770) 
Effect of foreign currency(4,575) 3,113  
Net increase in cash, cash equivalents, and restricted cash7,975  43,561  
Cash, cash equivalents, and restricted cash at beginning of period242,620  207,584  
Cash, cash equivalents, and restricted cash at end of period$250,595  $251,145  
(See notes to unaudited condensed consolidated financial statements)
8 Service Corporation International



PART I
Service Corporation International
Condensed Consolidated Statement of Equity (Unaudited)

Common
Stock
Treasury
Stock,
Par Value
Capital in
Excess of
Par Value

Retained
Earnings
Accumulated Other
Comprehensive
Income (Deficit)
Noncontrolling
Interest
Total
 (In thousands, except per share amounts)
Balance at December 31, 2018$184,721  $(3,250) $972,710  $474,327  $13,395  $(88) $1,641,815  
Comprehensive income
      79,323  7,251  40  86,614  
Dividends declared on common stock ($0.18 per share)
      (32,820)     (32,820) 
Stock option exercises
950    15,012        15,962  
Restricted stock awards, net of forfeitures126    (126)         
Employee share-based compensation earned     4,568        4,568  
Purchase of Company common stock  (355) (1,935) (12,252)     (14,542) 
Other59    (1,251)       (1,192) 
Balance at March 31, 2019$185,856  $(3,605) $988,978  $508,578  $20,646  $(48) $1,700,405  
Comprehensive income
      72,329  7,146  36  79,511  
Dividends declared on common stock ($0.18 per share)
      (32,871)     (32,871) 
Stock option exercises
513    6,626        7,139  
Employee share-based compensation earned    3,445        3,445  
Purchase of Company common stock