Carriage Services, Inc. (CSV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado paisaje de Death Care Services, Carriage Services, Inc. (CSV) surge como una potencia compasiva y estratégica, transformando la forma en que las comunidades abordan las experiencias de fin de vida. Al crear meticulosamente un modelo de negocio integral que equilibra la sensibilidad emocional con la excelencia operativa, CSV ha revolucionado los servicios funerarios y de cementerio en múltiples estados. Su enfoque innovador combina atención personalizada, inversiones inmobiliarias estratégicas y una comprensión profunda del dolor humano, posicionándolos como un jugador único en una industria que exige tanto la profesionalidad como la empatía profunda.

Carriage Services, Inc. (CSV) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con funerarias y operadores de cementerios

Carriage Services, Inc. mantiene asociaciones estratégicas con múltiples operadores de funerales y cementerios en todo Estados Unidos. A partir de 2024, la compañía opera 190 ubicaciones de servicio fúnebre en 26 estados.

Tipo de asociación	Número de asociaciones	Cobertura geográfica
Asociaciones de funerales independientes	89	Múltiples estados
Colaboraciones del operador del cementerio	47	26 estados

Relaciones con empresas de adquisición y desarrollo de propiedades

La compañía colabora con firmas especializadas de desarrollo inmobiliario para expandir su servicio funerario y de cementerio.

• Asociaciones de adquisición de propiedades en 2024: 12 relaciones estratégicas
• Inversiones inmobiliarias totales: $ 42.3 millones
• Costo promedio de desarrollo de propiedades por ubicación: $ 1.8 millones

Colaboración con instituciones financieras

Institución financiera	Tipo de asociación	Línea de crédito
Banco de América	Crédito rotativo	$ 150 millones
Wells Fargo	Préstamo a plazo	$ 75 millones

Asociaciones de proveedores para equipos y suministros de servicio fúnebre

Carriage Services mantiene relaciones críticas de proveedores para equipos y suministros especializados de servicio fúnebre.

• Número total de equipos y proveedores de suministros: 37
• Gasto anual de adquisiciones: $ 18.6 millones
• Porcentaje de proveedores nacionales: 82%

Categoría de proveedor	Número de proveedores	Gasto anual
Fabricantes de ataques	9	$ 7.2 millones
Proveedores de equipos de cremación	5	$ 4.5 millones
Proveedores de productos conmemorativos	23	$ 6.9 millones

Carriage Services, Inc. (CSV) - Modelo de negocio: actividades clave

Gestión de operaciones de funeraria y cementerio

A partir de 2024, Carriage Services opera 169 funerarias y 33 cementerios en 26 estados. Ingresos anuales de la funeraria y las operaciones del cementerio: $ 394.8 millones.

Métrica operacional	2024 datos
Funerales totales	169
Cementerios totales	33
Estados de operación	26

Adquisición de propiedades y desarrollo inmobiliario estratégico

Valor de la cartera de bienes raíces: $ 212.6 millones. Presupuesto anual de adquisición de propiedades: $ 15.3 millones.

• Costo promedio de adquisición de propiedades por ubicación: $ 890,000
• Inversión en desarrollo inmobiliario: $ 6.7 millones anuales

Proporcionar soluciones integrales de servicio al final de la vida

Paquetes de servicio totales ofrecidos: 47 configuraciones distintas de servicio al final de la vida.

Categoría de servicio	Número de paquetes
Servicios funerarios tradicionales	18
Servicios de cremación	22
Servicios conmemorativos	7

Gestión financiera y relaciones con los inversores

Capitalización de mercado: $ 1.2 mil millones. Ingresos anuales totales: $ 467.5 millones.

• Tamaño del equipo de relaciones con los inversores: 7 profesionales
• Frecuencia de publicación del informe de ganancias trimestrales: 4 veces al año

Consolidación corporativa e integración de empresas de servicios funerarios

Gasto anual de adquisición comercial: $ 22.6 millones. Número de empresas integradas en 2024: 9 empresas de servicios funerarios.

Métrica de adquisición	2024 datos
Gasto total de adquisición	$ 22.6 millones
Empresas integradas	9
Costo de adquisición promedio	$ 2.51 millones

Carriage Services, Inc. (CSV) - Modelo de negocio: recursos clave

Cartera de funerarias y cementerios

A partir de 2024, Carriage Services, Inc. opera 175 funerales y 41 cementerios al otro lado de 26 estados.

Concentración estatal	Número de ubicaciones
Texas	42 Funerales
Florida	23 casas funerarias
California	18 Funerales

Equipo de gestión experimentado

Composición de liderazgo a partir de 2024:

• Promedio de tenencia ejecutiva: 12.5 años
• Alto gerencia con Más de 150 años combinados de experiencia en la industria del cuidado de la muerte
• El equipo de liderazgo incluye 6 ejecutivos de nivel C

Capital financiero e infraestructura de inversión

Métricas financieras para 2024:

• Ingresos totales: $ 386.4 millones
• Capitalización de mercado: $ 1.2 mil millones
• Reservas de efectivo: $ 47.6 millones
• Relación deuda / capital: 0.65

Reputación de la marca

Métrico de marca	Valor
Cuota de mercado de la industria	7.3%
Calificación de satisfacción del cliente	4.6/5
Años en los negocios	30

Tecnología y sistemas operativos

Infraestructura tecnológica:

• 5 plataformas de servicio digital patentado
• Sistema de gestión basado en la nube que cubre 100% de ubicaciones
• Inversión tecnológica anual: $ 4.2 millones

Carriage Services, Inc. (CSV) - Modelo de negocio: propuestas de valor

Servicios de funerario y conmemorativo digno y personalizado

Carriage Services, Inc. opera 194 funerarias y 32 cementerios en 26 estados a partir de 2023. La compañía reportó ingresos totales de funeral y cementerio de $ 387.5 millones en 2022.

Categoría de servicio	Número de ubicaciones	Ingresos anuales
Funerales	194	$ 267.3 millones
Cementerios	32	$ 120.2 millones

Soluciones de atención al final de la vida profesional y compasiva

Carriage Services brinda servicios integrales al final de la vida con una calificación promedio de satisfacción del cliente de 4.7 de 5.

• Costo promedio de servicio funerario: $ 7,848
• Servicios previos a la correve disponibles en el 89% de las ubicaciones
• Servicios de asesoramiento de duelo ofrecidos al 76% de las funerales

Cementerio Completo y Gestión Memorial

La compañía administra 32 cementerios con un inventario total de derechos de entierro valorado en $ 142.6 millones en 2022.

Servicios de gestión del cementerio	Porcentaje de ubicaciones
Gestión de la trama de entierro	100%
Mantenimiento conmemorativo	95%
Servicios conmemorativos digitales	62%

Servicio consistente y de alta calidad en múltiples ubicaciones

Servicios de transporte mantiene Protocolos de servicio estandarizados En 194 funerarias y 32 cementerios en 26 estados.

Precios asequibles y transparentes para servicios funerarios

Desglose promedio de precios de servicio funerario:

• Servicio de funerario básico: $ 6,500
• Servicios de cremación: $ 3,250
• Servicios de entierro: $ 9,700

La compañía informó un margen bruto de 33.4% para servicios funerarios y de cementerio en 2022.

Carriage Services, Inc. (CSV) - Modelo de negocios: relaciones con los clientes

Atención al cliente personalizada durante el proceso de duelo

Carriage Services, Inc. proporciona Servicios de asesoramiento de duelo personalizado a través de 204 casas funerarias y 32 cementerios en 26 estados a partir de 2023.

Tipo de servicio	Volumen de soporte anual	Duración promedio
Sesiones de asesoramiento de duelo	12,456 sesiones individuales	4-6 semanas por familia
Soporte de seguimiento	8,743 familias rastreadas	12-18 meses después del servicio

Gestión de relaciones a largo plazo con familias

• Mantener registros de Digital Family Memorial
• Comunicación anual de recuerdo
• Documentación de soporte de por vida

Enfoque de servicio empático y centrado en la comunidad

CSV reportó $ 1.2 millones invertidos en programas de apoyo comunitario en 2023.

Programa comunitario	Inversión anual	Alcanzar
Grupos de apoyo de duelo local	$456,000	2.300 participantes
Programas de becas conmemorativas	$345,000	87 becas otorgadas

Opciones de consulta digital y en persona

Los canales de consulta digital incluyen:

• Asesoramiento de duelo de telesalud
• Plataformas conmemorativas en línea
• Consultas de disposición virtual

Memorial en curso y apoyo posterior a la atención posterior

CSV proporciona servicios completos de cuidados posteriores con $ 782,000 de inversión anual.

Servicio posterior	Compromiso anual	Tasa de satisfacción del cliente
Mantenimiento del sitio web de Memorial	3,456 sitios conmemorativos activos	94% de satisfacción
Eventos anuales de recuerdo	276 eventos comunitarios	Tasa de asistencia del 89%

Carriage Services, Inc. (CSV) - Modelo de negocio: canales

Funerario directo y ubicaciones de cementerios

A partir de 2024, el carruaje funciona 195 Funerales y 33 cementerios en múltiples estados de los Estados Unidos.

Tipo de ubicación	Número de instalaciones	Cobertura geográfica
Funerales	195	21 estados
Cementerios	33	Múltiples estados

Sitio web en línea y plataformas de servicio digital

Los canales digitales incluyen el sitio web corporativo CarriAGeGeServices.com con Ofertas integrales de servicios en línea.

• Herramientas digitales de planificación previa
• Envíos del obituario en línea
• Servicios conmemorativos virtuales
• Plataformas de pago en línea

Redes de referencia con hospicios y proveedores de atención médica

Carriage Services mantiene asociaciones estratégicas con Más de 250 instituciones de atención médica para canales de referencia directa.

Tipo de socio de referencia	Número de asociaciones
Organizaciones de hospicio	127
Hospitales	85
Casas de ancianos	38

Comunicaciones de marketing tradicionales y digitales

Presupuesto de marketing para 2024 estimado en $ 4.2 millones, distribuido a través de varios canales.

• Publicidad impresa local
• Campañas de marketing digital
• Compromiso en las redes sociales
• Patrocinios de eventos comunitarios

Compromiso de la comunidad local y redes

Presupuesto anual de participación de la comunidad aproximadamente $750,000, centrándose en la construcción de relaciones locales.

Tipo de compromiso	Asignación anual
Patrocinios de eventos locales	$325,000
Programas de divulgación comunitaria	$275,000
Donaciones caritativas	$150,000

Carriage Services, Inc. (CSV) - Modelo de negocio: segmentos de clientes

Familias que buscan servicios funerarios y conmemorativos

A partir del cuarto trimestre de 2023, Carriage Services opera 169 funerarias en 26 estados. El costo promedio de servicio fúnebre varía de $ 7,848 a $ 9,135 por servicio.

Segmento de clientes	Cuota de mercado	Costo de servicio promedio
Servicios funerarios tradicionales	62%	$8,500
Servicios de cremación	38%	$6,970

Individuos de planificación previa a la planificación de los arreglos al final de la vida

El segmento previo a la planificación representa aproximadamente el 22% de los ingresos totales del servicio en 2023.

• Media edad de planificadores previos: 55-65 años
• Costo promedio del paquete previo a la planificación: $ 3,200
• Tasa de crecimiento proyectada: 4.3% anual

Diversos grupos demográficos en múltiples regiones

Distribución geográfica de ubicaciones de servicios de carro:

Región	Número de ubicaciones	Penetración del mercado
Estados del sur	87	51.5%
Estados del medio oeste	45	26.6%
Estados occidentales	22	13%
Estados del noreste	15	8.9%

Familias desconsoladas que requieren apoyo compasivo

Ingresos de Servicios de Asesoramiento y Apoyo de GRIF: $ 4.2 millones en 2023.

• Costo de sesión de asesoramiento de duelo promedio: $ 125
• Participación del grupo de apoyo: 18% de los usuarios del servicio

Organizaciones comunitarias y religiosas

Ingresos de asociación institucional: $ 6.7 millones en 2023.

Tipo de organización	Tasa de asociación	Contribución anual de ingresos
Organizaciones religiosas	45%	$ 3.0 millones
Grupos comunitarios	35%	$ 2.3 millones
Organizaciones sin fines de lucro	20%	$ 1.4 millones

Carriage Services, Inc. (CSV) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de la propiedad

A partir de 2024, Carriage Services, Inc. reportó gastos totales relacionados con la propiedad de $ 87.4 millones para su funeraria y propiedades del cementerio. El desglose incluye:

Categoría de gastos	Monto ($)
Mantenimiento de la propiedad	42,600,000
Impuestos a la propiedad	22,800,000
Seguro de propiedad	12,000,000
Costos de servicios públicos	10,000,000

Salarios del personal y costos de capacitación

Gastos totales relacionados con el personal para 2024:

• Gastos salariales totales: $ 129.6 millones
• Beneficios para empleados: $ 38.7 millones
• Capacitación y desarrollo: $ 3.2 millones

Inversiones de marketing y adquisición de clientes

Categoría de gastos de marketing	Monto ($)
Marketing digital	5,600,000
Publicidad tradicional	3,900,000
Extensión comunitaria	1,500,000

Tecnología e infraestructura operativa

Gastos relacionados con la tecnología para 2024:

• Infraestructura: $ 7.3 millones
• Licencias de software: $ 2.1 millones
• Ciberseguridad: $ 1.6 millones
• Actualizaciones de hardware: $ 3.8 millones

Cumplimiento regulatorio y tarifas de licencia

Gasto de cumplimiento	Monto ($)
Tarifas estatales de licencia	2,500,000
Cumplimiento regulatorio	4,200,000
Consultoría legal	1,800,000

Carriage Services, Inc. (CSV) - Modelo de negocio: flujos de ingresos

Tarifas de servicio fúnebre

Para el año fiscal 2023, los servicios de transporte informaron ingresos por servicios funerarios totales de $ 314.2 millones. La tarifa de servicio fúnebre promedio por servicio oscila entre $ 7,500 y $ 10,000 dependiendo de la ubicación y la complejidad del servicio.

Categoría de servicio	Ingresos promedio	Volumen anual
Servicios funerarios tradicionales	$9,200	12,500 servicios
Servicios de cremación	$6,500	8.750 servicios
Servicios conmemorativos	$5,300	5.600 servicios

Servicios de ventas y entierros de la trama del cementerio

Los ingresos relacionados con el cementerio para 2023 totalizaron $ 87.6 millones. El precio promedio de la trama del cementerio varía de $ 2,500 a $ 5,000.

• Ventas de la trama del cementerio: $ 45.3 millones
• Servicios de entierro: $ 42.3 millones
• Tamaño promedio de la trama: 250 pies cuadrados

Ofertas de productos y servicios conmemorativos

Los ingresos del producto conmemorativo alcanzaron los $ 52.1 millones en 2023, con categorías clave de productos que incluyen:

Categoría de productos	Ganancia	Margen de beneficio
Ataúdes y urnas	$ 28.7 millones	35%
Joyería conmemorativa	$ 12.4 millones	42%
Artículos conmemorativos	$ 11.0 millones	30%

Contratos de planificación fúnebre previa a la necesidad

Los ingresos por contrato previos a la necesidad de 2023 fueron de $ 78.5 millones, lo que representa el 19.4% de los ingresos totales de la compañía.

• Contratos totales previos a la necesidad vendidos: 6.200
• Valor promedio del contrato: $ 12,660
• Tasa de conversión de contrato prepago: 68%

Ingresos de inversión de propiedades inmobiliarias estratégicas

Los ingresos por inversiones inmobiliarias para 2023 totalizaron $ 22.3 millones, derivados del cementerio y las propiedades de la propiedad funerarias.

Categoría de inversión	Valor total	Retorno anual
Propiedades del cementerio	$ 185.6 millones	8.7%
Funeral Home Real Estate	$ 214.3 millones	6.5%

Carriage Services, Inc. (CSV) - Canvas Business Model: Value Propositions

You're focused on what actually drives the financial results for Carriage Services, Inc. (CSV), and in the deathcare space, the value proposition is everything. It's not just about the service; it's about how that service translates into sustainable, high-margin revenue, especially when funeral volumes are a headwind.

Delivering a premier, high-value deathcare experience is the stated purpose, and the numbers show this focus is paying off in the high-margin cemetery segment. The company projects full-year 2025 revenues between $\$413$ million and $\$417$ million, aiming for record highs in revenue, Adjusted Consolidated EBITDA between $\$130$ million and $\$132$ million, and Adjusted Diluted EPS of $\$3.25$ to $\$3.30. This premium positioning allows for better pricing power, as seen in Q1 2025 where the consolidated funeral average revenue per contract increased by $2.3\%$.

The full-service offering covers all needs: at-need, pre-need, cremation, and cemetery services. The momentum is clearly in the pre-need and cemetery side of the business. For the third quarter ending September 30, 2025, cemetery preneed sales grew an impressive $21.4\%$ year-over-year, while financial revenue, tied to prearranged sales, jumped $27.2\%$. This contrasts with funeral contract volume, which saw a $2.1\%$ reduction in Q3 2025, though management noted volume was returning to normal in October. The cremation rate for Q3 2025 stood at $61\%$.

Here's a quick look at how the segments are tracking against the full-year expectations based on Q3 results and guidance:

Metric	Q3 2025 Performance	Full-Year 2025 Guidance Range
Total Revenue	$\$101.3$ million (Operating Revenue)	$\$413$ million to $\$417$ million
Adjusted Consolidated EBITDA	$\$33$ million	$\$130$ million to $\$132$ million
Adjusted Diluted EPS	$\$0.75$ (up $17.2\%$ YoY)	$\$3.25$ to $\$3.30$
Cemetery Preneed Sales Growth	$21.4\%$ (YoY)	Anticipated $10\%$-$20\%$ annual growth through 2026

The commitment to localized, empathetic service is executed through a decentralized management philosophy, which helps maintain quality while driving financial security via pre-need planning. The focus on disciplined execution is evident in cost control; overhead expenses dropped to $13.4\%$ of revenues in Q3 2025, down from $14.1\%$ the prior year. This operational discipline supports the financial security proposition.

Financial security through pre-need planning is a core driver. The growth in pre-need cemetery sales is substantial, with the average price per preneed interment right sold in Q3 2025 increasing by $15.1\%$ year-over-year. Furthermore, preneed insurance contracts sold drove a $27.9\%$ increase in general agency commission revenue in Q3 2025. This strategy is clearly designed to lock in future revenue streams.

Unwavering integrity and professionalism underpin the entire model, which is critical in a sensitive industry. The company's focus on execution is reflected in its balance sheet management. Carriage Services, Inc. reduced its leverage ratio to $4.1$x by the end of Q3 2025, down from $5.0$x at the same point last year. This deleveraging, achieved while completing strategic acquisitions and divesting non-core assets, shows a commitment to long-term stability over short-term risk.

You can see the focus on operational excellence across the service lines:

• Delivering premier experiences supports higher average revenue per contract.
• Preneed interment rights sold increased in number by $4.6\%$ in Q3 2025.
• Adjusted Consolidated EBITDA margin expanded by 160 basis points to $32.1\%$ in Q3 2025.
• Adjusted Diluted EPS for Q3 2025 was $\$0.75$, a $17.2\%$ increase over the prior year.
• The company was recognized as #33 on Forbes' Most Successful Small Companies for 2025.

Carriage Services, Inc. (CSV) - Canvas Business Model: Customer Relationships

You're running a business where the core transaction is deeply personal, so the relationship with the client family is everything. For Carriage Services, Inc. (CSV), this means a commitment to a high-touch, personal service model at the local level. As of late 2025, Carriage Services operates a significant footprint, serving families through 159 funeral homes across 24 states and 28 cemeteries in 9 states. This structure ensures that while the company is a national consolidator, the delivery of service remains intensely local, focusing on creating premier experiences.

The success of this model is evident in the financial results tied to forward-looking commitments. The entire business is built on fostering long-term, trust-based relationships with client families, which is the foundation for their cemetery preneed sales. This trust translates directly into tangible growth. For the third quarter of 2025, Cemetery operating revenue increased by 12.6% year-over-year, driven by a 4.6% increase in the number of preneed interment rights sold. The company is executing on its strategy to capture this long-term value, with management anticipating 10%-20% annual preneed cemetery sales growth through 2026.

The focus on advance planning is supported by dedicated pre-need sales teams for advance planning. This strategy is clearly paying off in the financial segment. Financial revenue, which is tied to these advance arrangements, grew by an impressive 27.2% in Q3 2025 over the prior year quarter. This is a direct measure of the effectiveness of their dedicated sales efforts in securing future business today. It's a powerful indicator of relationship building that spans years, not just weeks.

When we look specifically at relationship management for insurance-funded pre-need contracts, the numbers show exceptional momentum. General agency commission revenue, which stems from these insurance-funded funeral sales, surged by 61% in the third quarter of 2025, reaching $2.6 million. In the first quarter of 2025, net preneed insurance contracts increased by 15% year-over-year, totaling 2,541 for that quarter. September 2025 even marked an all-time high, surpassing the $7 million mark in preneed funeral sales for a single month. This financial success is a direct result of managing and strengthening partnerships with insurance providers like National Guardian Life Insurance Company and Precoa.

While the at-need funeral business saw a slight dip in volume, the commitment to ongoing customer care and grief support services underpins the brand's reputation, which in turn supports the higher average revenue per case. For the nine months ending September 30, 2025, total revenue reached $312.0 million. The company's stated mission is about creating premier experiences, which implies a level of care that extends beyond the immediate service, reinforcing the trust needed for future pre-need decisions. The average revenue per funeral contract did manage an increase of 1.4% in Q2 2025, suggesting that even in the immediate service area, value perception remains high.

Here's a quick look at how relationship-driven segments are performing against the overall picture for the third quarter of 2025:

Metric Category	Key Financial Number (Q3 2025)	Year-over-Year Change
Total Operating Revenue	$101.3 million	5.2% increase
Cemetery Preneed Sales Growth	N/A	21.4% increase
General Agency Commission Revenue (Insurance Pre-need)	$2.6 million	61% increase
Funeral Contract Volume	N/A	2.1% reduction
Adjusted Consolidated EBITDA Margin	32.1%	Expansion of 160 basis points

The company's full-year 2025 guidance reaffirms this focus, projecting total revenues between $413 million and $417 million, with adjusted diluted EPS targeted between $3.25 and $3.30. This sustained financial performance is directly linked to the strength of their customer relationship strategy, especially in securing future revenue through pre-need sales.

Carriage Services, Inc. (CSV) - Canvas Business Model: Channels

You're looking at how Carriage Services, Inc. (CSV) gets its services and products in front of families, which is a mix of physical locations and specialized sales efforts. Honestly, in this industry, the physical footprint is still king, but the pre-need side is heavily reliant on specific sales channels.

The core of the distribution is the physical network. As of June 30, 2025, Carriage Services, Inc. operated 159 funeral homes spread across 25 states. Complementing this, they managed 28 cemeteries located in 10 states. This physical presence is the primary point of service delivery for immediate need arrangements and the foundation for cemetery plot sales.

Here is a snapshot of the scale and some channel-relevant financial performance as of late 2025:

Metric	Value (As of Late 2025 Data)	Period/Context
Total Funeral Homes Operated	159	As of June 30, 2025
Total Cemeteries Operated	28	As of June 30, 2025
Trailing 12-Month Revenue	$410M	As of September 30, 2025
Q3 2025 Total Operating Revenue	$101.3 million	Up 5.2% YoY
Q3 2025 Cemetery Preneed Sales Growth	21.4%	Year-over-Year
Q1 2025 Financial Revenue	$7.4 million	Up 9.1% YoY

For pre-need funeral and cemetery products, the direct sales force is a critical channel. Carriage Services, Inc. is actively growing this area, which is evident in the financial results. The company remains focused on expanding its insurance-funded pre-need funeral sales. The success of this push is seen in the growth of the financial revenue stream, which saw a 27.2% increase in Q3 2025.

The direct sales effort is supported by specific contract growth metrics:

• Net preneed insurance contracts increased by 332 contracts in Q1 2025.
• This represented a 15% year-over-year increase in new contracts for Q1 2025.
• The total number of contracts for Q1 2025 reached 2,541.

Local community outreach and word-of-mouth referrals are inherent to the funeral home business, though not always quantified with a specific dollar amount in public filings. Still, the company's focus on delivering premier experiences is meant to drive this organic channel. The company is dedicated to delivering premier experiences through innovation, partnership, and elevated service.

The digital presence is being enhanced to support sales acceleration. Carriage Services, Inc. is moving forward with systems like Sales Edge 2.0 and Titan, which are designed to use technology and data analytics to speed up sales growth. This digital layer helps manage initial customer contact and information dissemination, supporting the sales teams.

Third-party insurance partners are explicitly integrated into the pre-need sales channel. Carriage Services, Inc. has a partnership with Express Funeral Funding specifically to streamline the process of insurance assignments, which helps enhance sales across the funeral homes. This partnership acts as a crucial intermediary channel for monetizing pre-need contracts.

Carriage Services, Inc. (CSV) - Canvas Business Model: Customer Segments

You're looking at the core of Carriage Services, Inc. (CSV)'s business-who they serve and the scale of that service as of late 2025. The customer base is fundamentally split between those needing immediate service and those planning ahead, but the financial data shows a clear strategic push toward the latter.

At-Need Families requiring immediate funeral and cemetery services represent the traditional, immediate demand. While the company is focused on premier service delivery, the volume side for this segment showed some softness in the third quarter of 2025. For the three months ended September 30, 2025, Carriage Services, Inc. (CSV) experienced a 5.5% decrease in consolidated funeral contract volume. However, the average revenue per contract for these services still saw a lift, with a 2.0% increase in the consolidated average revenue per funeral contract for the same period. This suggests that while fewer immediate services were conducted, the average transaction value remained higher. For the six months ended June 30, 2025, the consolidated average revenue per funeral contract increased by 1.9%.

Pre-Need Consumers planning and funding services in advance are the primary growth engine, evidenced by strong financial metric increases. The commitment to this segment is clear in the Q3 2025 results: Cemetery preneed sales grew by an impressive 21.4% year-over-year. Furthermore, Financial revenue, which captures the funding mechanism for prearranged funerals, increased by 27.2% over the prior year quarter. This financial component is significant, with General Agency Commission Revenue reaching $2.6 million in Q3 2025, a 61% increase from Q3 2024. The company has a stated target of 10 - 20% targeted CAGR in preneed sales.

Middle to upper-income families seeking premier, high-quality services are targeted through the company's focus on premium offerings and disciplined pricing. This is reflected in the average contract value metrics, which are key indicators of the quality/price point of services being sold across both segments. The company's asset base supports this focus, operating 162 funeral homes across 26 states and 31 cemeteries in 11 states as of the March 2025 investor presentation.

Aging population in key US markets (e.g., Texas, Florida) is the underlying demographic tailwind the entire industry benefits from. Carriage Services, Inc. (CSV) is one of only two publicly traded funeral and cemetery services companies in the United States. The company's operations span a wide geographic area, indicating exposure to diverse, aging populations across the country.

Individuals seeking permanent memorialization (cemetery property) are served through the Cemetery Operations segment, which is heavily influenced by preneed sales. For the three months ended September 30, 2025, there was a 1.7% increase in the consolidated number of preneed interment rights (property) sold, coupled with a 16.7% increase in the consolidated average price per preneed interment rights sold. This segment was a major driver of Q3 2025 operating revenue growth, which increased 12.6% over the prior year quarter.

Here's a snapshot of the financial scale related to the services provided to these customer groups in the third quarter of 2025:

Financial Metric (Q3 2025)	Amount/Rate	Relates Primarily To
Total Operating Revenue Growth (YoY)	5.2%	All Segments
Cemetery Preneed Sales Growth (YoY)	21.4%	Pre-Need Consumers, Memorialization Seekers
Financial Revenue Growth (YoY)	27.2%	Pre-Need Consumers (Funding)
General Agency Commission Revenue	$2.6 million	Pre-Need Consumers (Insurance Funding)
Consolidated Funeral Contract Volume Change	-5.5%	At-Need Families
Consolidated Average Revenue Per Funeral Contract Change	+2.0%	At-Need Families, Premier Seekers
Number of Preneed Interment Rights Sold Change (YoY)	+1.7%	Memorialization Seekers
Average Price Per Preneed Interment Right Change (YoY)	+16.7%	Memorialization Seekers, Premier Seekers

The company's strategic acquisitions in Q3 2025 also point directly to customer acquisition, as the closed businesses served over 2,600 families and generated more than $15 million in annual revenue last year. The Funeral segment accounted for approximately 66% of 2024 revenue, with the Cemetery segment making up the remaining 34%.

You'll want to watch the Q4 2025 report to see if the 1.9% increase in the consolidated average revenue per funeral contract from the first half of 2025 can overcome the Q3 volume dip for at-need families. Finance: draft 13-week cash view by Friday.

Carriage Services, Inc. (CSV) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Carriage Services, Inc. (CSV) operations as of late 2025. The business model relies heavily on maintaining physical assets, which translates directly into significant fixed and recurring costs.

The high fixed costs related to property and facility maintenance are a constant factor in this industry. For the third quarter of 2025, maintenance capital expenditures alone accounted for $1.7 million of the total CapEx spend. This is the baseline cost just to keep the existing funeral homes and cemeteries in good shape for the families you serve.

Personnel costs for funeral directors and cemetery staff form another major component of the operating expense base. While we don't have a specific personnel cost line item here, these salaries are embedded within the overall overhead structure. The company is focused on managing this base, as evidenced by the year-over-year reduction in interest expense, which fell by $1.1 million in Q3 2025, partly due to debt reduction efforts.

General and administrative (G&A) overhead is a key metric Carriage Services, Inc. (CSV) actively manages. For the third quarter of 2025, overhead expenditure was $13.7 million, which represented 13.4% of revenues. This is right in line with the company's stated target range, which management has generally guided to be between 13% to 14% of revenue for the full year 2025.

Debt leverage remains a cost consideration, even with recent improvements. As of the end of Q3 2025, the leverage ratio stood at 4.1x. While this is an improvement from prior periods, it still indicates a significant reliance on debt financing, which carries an associated interest cost.

Capital expenditures for both maintenance and growth are essential for sustaining and expanding the platform. Here's a quick look at the CapEx breakdown from the Q3 2025 report:

• Total Capital Expenditures (Q3 2025): $6.7 million.
• Allocation to Growth Capital: $5 million.
• Allocation to Maintenance Capital: $1.7 million.

To give you a clearer picture of these cost drivers relative to recent performance, here's a table summarizing key financial metrics impacting the cost structure from the Q3 2025 results:

Cost/Expense Metric	Amount/Ratio (Q3 2025)	Context/Comparison
Overhead Expenditure (G&A)	$13.7 million	13.4% of Q3 2025 Revenue
Maintenance Capital Expenditures	$1.7 million	Portion of total Q3 2025 CapEx
Growth Capital Expenditures	$5.0 million	Portion of total Q3 2025 CapEx
Total Capital Expenditures	$6.7 million	Up from $4.6 million in Q3 2024
Leverage Ratio	4.1x	Improved from 4.2x in prior quarter
Year-over-Year Interest Expense Change	Decrease of $1.1 million	Reflecting debt paydown

Honestly, the management of fixed property costs and the ongoing debt service are the two biggest non-personnel hurdles in this cost structure. Finance: draft 13-week cash view by Friday.

Carriage Services, Inc. (CSV) - Canvas Business Model: Revenue Streams

You're looking at the money Carriage Services, Inc. (CSV) brings in, which is a mix of immediate needs and future planning, grounded in their two main segments as of late 2025.

The company confirmed its full-year 2025 revenue guidance is projected to land between $413 million and $417 million. That gives you a clear top-line expectation to work with for the year.

Here's how the revenue breaks down by segment, based on the September 30, 2025 figures. It's pretty clear where the bulk of the money comes from:

Revenue Stream Segment	Approximate % of Total Revenue (as of Q3 2025)
Funeral Home Operations (Includes At-Need)	70%
Cemetery Operations	30%

The Funeral Home segment, which captures most of the At-Need Funeral Service Revenue, is the core engine, making up about 70% of the total pie. Still, the Cemetery side is showing some real momentum, especially in the forward-looking sales.

For the third quarter of 2025, the growth drivers were quite specific:

• Cemetery Operating Revenue increased 12.6% year-over-year.
• Pre-Need Cemetery Sales saw a jump of 21.4% year-over-year.
• Financial Revenue, which includes those general agency commissions, was up 27.2% year-over-year.
• That Financial Revenue growth was largely fueled by pre-need insurance contracts sold, which grew 27.9% compared to the prior year quarter.

The Cemetery Operating Revenue stream includes sales of interment rights and merchandise. That 12.6% increase in Cemetery Operating Revenue in Q3 2025 was helped by a 4.6% increase in the number of preneed interment rights sold, plus a 15.1% increase in the average price of those rights sold. That's a good sign for their future revenue backlog, you see.