XML 36 R5.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 8,844 $ 16,402
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,769 4,783
Provision for credit losses 699 837
Stock-based compensation expense 2,141 1,607
Deferred income tax expense (benefit) (178) 76
Amortization of intangibles 321 318
Amortization of debt issuance costs 174 122
Amortization and accretion of debt 127 121
Net loss on divestitures, disposals and impairment charges 241 767
(Gain) loss on property damage, net of insurance claims 271 (1,899)
Gain on sale of real property (530) 0
Changes in operating assets and liabilities that provided (used) cash:    
Accounts and preneed receivables 120 (504)
Inventories, prepaid and other current assets 884 2,913
Intangible and other non-current assets (1,277) (340)
Preneed funeral and cemetery trust investments 5,356 (201)
Accounts payable (246) (987)
Accrued and other liabilities 1,924 (9,999)
Deferred preneed funeral and cemetery revenue 8,132 628
Deferred preneed funeral and cemetery receipts held in trust (5,903) 1,157
Net cash provided by operating activities 25,869 15,801
Cash flows from investing activities:    
Acquisitions of businesses and real property (44,000) (2,575)
Proceeds from divestitures and sale of other assets 1,275 1,026
Proceeds from insurance claims 421 676
Capital expenditures (4,982) (6,883)
Net cash used in investing activities (47,286) (7,756)
Cash flows from financing activities:    
Borrowings from the credit facility 51,700 70,700
Payments against the credit facility (28,800) (51,900)
Payments on acquisition debt and obligations under finance leases (127) (100)
Proceeds from the exercise of stock options and employee stock purchase plan contributions 526 663
Taxes paid on restricted stock vestings and exercise of stock options (98) (289)
Dividends paid on common stock (1,661) (1,725)
Purchase of treasury stock 0 (25,655)
Net cash provided by (used in) financing activities 21,540 (8,306)
Net increase (decrease) in cash and cash equivalents 123 (261)
Cash and cash equivalents at beginning of period 1,170 1,148
Cash and cash equivalents at end of period $ 1,293 $ 887