Carriage Services launches HPCPRP plan, targets 2024 revenue $390-400M, acquires Greenlawn

CARRIAGE SERVICES INC

Definitive agreement to acquire Greenlawn Funeral Homes and Cemeteries (Bakersfield, CA); expected close early 2023; proforma 2023 revenue ~$23-24M, EBITDA ~$8-9M.
2024 goals: Total Revenue $390-400M, Consolidated EBITDA $120-126M, GAAP diluted EPS $2.95-$3.05, leverage target 4.0-4.3x Debt/EBITDA.
Amended $250M credit facility raises leverage covenant to 6.0x through June 2023; higher interest rate spreads; $194.3M outstanding post-amendment.
No share repurchases or dividend increases until leverage below 4.25x; plan to cut borrowings by $90-100M from Q1 2023 peak to end-2024.
CEO assumes responsibility for prior aggressive share buybacks; stock fell below $25 before the plan's announcement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CARRIAGE SERVICES INC amended Credit Agreement Amendment with the financial institutions party thereto, as lenders, and Bank of America, N.A., as administrative agent (effective 2022-12-09).

Action: amendment
Agreement: credit facility
Counterparty: the financial institutions party thereto, as lenders, and Bank of America, N.A., as administrative agent
Effective: 2022-12-09

Exact text from the filing

On December 9, 2022, Carriage Services, Inc. (the “ Company ”) entered into a third amendment (the “ Credit Agreement Amendment ”) to its first amended and restated credit agreement dated May 13, 2021 (as amended, the “ Amended Credit Agreement ”), with the financial institutions party thereto, as lenders, and Bank of America, N.A., as administrative agent.

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CARRIAGE SERVICES INC filing history →

Source: SEC EDGAR

accession 0001016281-22-000123

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