Carriage Services' 2023 Shareholder Letter highlighted several transformative milestones, including a significant reduction in debt. The company paid down $34.5 million on its credit facility since its peak, reducing the leverage ratio to 5.13x by year-end 2023 from a peak of 5.51x.
The company also launched a national partnership with National Guardian Life Insurance Company and Precoa, focusing on pre-need funeral sales. This strategy is projected to double General Agent commission over the next two years and drive year-over-year growth in pre-need funeral sales of 20% over the next five years.
Additionally, Carriage Services reduced overhead costs from $53.8 million (14.5% of total revenue) to $50.1 million (13.1% of total revenue) in 2023, demonstrating a commitment to efficiency. The Board of Directors underwent a refresh, with two members stepping down and three new members added, and bylaws were amended to prioritize shareholder votes in uncontested director elections.
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