secwatch.observer — SEC 8-K summary
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Issuer:     CARRIAGE SERVICES INC (CSV)
CIK:        0001016281
Form:       8-K
Filed at:   2022-12-12T23:59:59+00:00
Accession:  0001016281-22-000123
Event type: other_material
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1016281/000101628122000123/0001016281-22-000123-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1016281/000101628122000123/csv-20221212.htm
  HTML page:      https://secwatch.observer/filing/0001016281-22-000123

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer