Carriage Services, Inc. (CSV): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe de Death Care Services, Carriage Services, Inc. (CSV) apparaît comme une puissance compatissante et stratégique, transformant la façon dont les communautés abordent les expériences de fin de vie. En élaborant méticuleusement un modèle commercial complet qui équilibre la sensibilité émotionnelle avec l'excellence opérationnelle, CSV a révolutionné les services funéraires et de cimetière dans plusieurs États. Leur approche innovante mélange les soins personnalisés, les investissements immobiliers stratégiques et une compréhension approfondie du chagrin humain, en les positionnant comme un acteur unique dans une industrie qui exige à la fois le professionnalisme et l'empathie profonde.

Carriage Services, Inc. (CSV) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les salons funéraires et les opérateurs de cimetière

Carriage Services, Inc. maintient des partenariats stratégiques avec plusieurs opérateurs de salon funéraire et de cimetière à travers les États-Unis. Depuis 2024, la société exploite 190 Lieux des services funéraires dans 26 États.

Type de partenariat	Nombre de partenariats	Couverture géographique
Partenariats indépendants du salon funéraire	89	Plusieurs États
Collaborations des opérateurs du cimetière	47	26 États

Relations avec les entreprises d'acquisition et de développement de propriétés

L'entreprise collabore avec des sociétés de développement immobilier spécialisées pour étendre son réseau de services funéraires et de cimetière.

• Partenariats d'acquisition de propriétés en 2024: 12 relations stratégiques
• Investissements immobiliers totaux: 42,3 millions de dollars
• Coût moyen de développement immobilier par emplacement: 1,8 million de dollars

Collaboration avec les institutions financières

Institution financière	Type de partenariat	Facilité de crédit
Banque d'Amérique	Crédit renouvelable	150 millions de dollars
Wells Fargo	Prêt à terme	75 millions de dollars

Partenariats des vendeurs pour l'équipement et les fournitures des services funéraires

Les services de transport maintiennent des relations critiques pour les fournisseurs pour des équipements et fournitures de services funéraires spécialisés.

• Nombre total de vendeurs d'équipement et d'approvisionnement: 37
• Dépenses d'achat annuelles: 18,6 millions de dollars
• Pourcentage de vendeurs nationaux: 82%

Catégorie des vendeurs	Nombre de vendeurs	Dépenses annuelles
Fabricants de cercons	9	7,2 millions de dollars
Fournisseurs d'équipement de crémation	5	4,5 millions de dollars
Vendeurs de produits commémoratifs	23	6,9 millions de dollars

Carriage Services, Inc. (CSV) - Modèle d'entreprise: activités clés

Gestion des opérations du salon funéraire et du cimetière

Depuis 2024, les services Carriage exploitent 169 salons funéraires et 33 cimetières dans 26 États. Revenus annuels des opérations du salon funéraire et du cimetière: 394,8 millions de dollars.

Métrique opérationnelle	2024 données
Total des salons funéraires	169
Cimetières totaux	33
États d'opération	26

Acquisition de biens et développement immobilier stratégique

Valeur du portefeuille immobilier: 212,6 millions de dollars. Budget annuel d'acquisition de propriétés: 15,3 millions de dollars.

• Coût moyen d'acquisition de propriétés par emplacement: 890 000 $
• Investissement en développement immobilier: 6,7 millions de dollars par an

Fournir des solutions de service de fin de vie complètes

Packages de services totaux offerts: 47 Configurations de services de fin de vie distinctes.

Catégorie de service	Nombre de packages
Services funéraires traditionnels	18
Services de crémation	22
Services commémoratifs	7

Gestion financière et relations avec les investisseurs

Capitalisation boursière: 1,2 milliard de dollars. Revenu annuel total: 467,5 millions de dollars.

• Taille de l'équipe des relations avec les investisseurs: 7 professionnels
• Rapport sur les résultats trimestriels Fréquence de publication: 4 fois par an

Consolidation des entreprises et intégration des entreprises de funérailles

Dépenses annuelles d'acquisition d'entreprises: 22,6 millions de dollars. Nombre d'entreprises intégrées en 2024: 9 sociétés de services funéraires.

Métrique d'acquisition	2024 données
Dépenses d'acquisition totales	22,6 millions de dollars
Entreprises intégrées	9
Coût moyen d'acquisition	2,51 millions de dollars

Carriage Services, Inc. (CSV) - Modèle d'entreprise: Ressources clés

Portefeuille de salons funéraires et de cimetières

Depuis 2024, Carriage Services, Inc. fonctionne 175 salons funéraires et 41 cimetières à travers 26 États.

Concentration de l'État	Nombre d'emplacements
Texas	42 salons funéraires
Floride	23 salons funéraires
Californie	18 salons funéraires

Équipe de gestion expérimentée

Composition du leadership à partir de 2024:

• Tiration exécutive moyenne: 12,5 ans
• Haute haute direction avec Plus de 150 années combinées de l'expérience de l'industrie des soins de la mort
• L'équipe de leadership comprend 6 cadres de niveau C

Infrastructure financière de capital et d'investissement

Mesures financières pour 2024:

• Revenu total: 386,4 millions de dollars
• Capitalisation boursière: 1,2 milliard de dollars
• Réserves en espèces: 47,6 millions de dollars
• Ratio dette / capital-investissement: 0.65

Réputation de la marque

Métrique de la marque	Valeur
Part de marché de l'industrie	7.3%
Évaluation de satisfaction du client	4.6/5
Années de travail	30

Technologie et systèmes opérationnels

Infrastructure technologique:

• 5 plates-formes de service numérique propriétaires
• Système de gestion basé sur le cloud couvrant 100% des emplacements
• Investissement technologique annuel: 4,2 millions de dollars

Carriage Services, Inc. (CSV) - Modèle d'entreprise: propositions de valeur

Services funéraires et commémoratifs dignes et personnalisés

Carriage Services, Inc. exploite 194 salons funéraires et 32 ​​cimetières dans 26 États en 2023. La société a déclaré un chiffre d'affaires total de funérailles et de cimetière de 387,5 millions de dollars en 2022.

Catégorie de service	Nombre d'emplacements	Revenus annuels
Salons funéraires	194	267,3 millions de dollars
Cimetières	32	120,2 millions de dollars

Solutions de soins de fin de vie professionnelles et compatissantes

Carriage Services fournit des services de fin de vie complets avec une note de satisfaction moyenne de 4,7 sur 5.

• Coût moyen des services funéraires: 7 848 $
• Services de pré-arrangement disponibles dans 89% des emplacements
• Services de conseil en deuil offerts dans 76% des salons funéraires

Cimetière complet et gestion des mémoriaux

La société gère 32 cimetières avec un inventaire total des droits d'inhumation d'une valeur de 142,6 millions de dollars en 2022.

Services de gestion du cimetière	Pourcentage d'emplacements
Gestion de l'intrigue funéraire	100%
Entretien commémoratif	95%
Services commémoratifs numériques	62%

Service cohérent et de haute qualité sur plusieurs emplacements

Les services de voiture maintiennent protocoles de service standardisés Dans 194 salons funéraires et 32 ​​cimetières dans 26 États.

Prix ​​abordables et transparents pour les services funéraires

Répartition moyenne des prix des services funéraires:

• Service funéraire de base: 6 500 $
• Services de crémation: 3 250 $
• Services funéraires: 9 700 $

La société a déclaré une marge brute de 33,4% pour les services funéraires et de cimetière en 2022.

Carriage Services, Inc. (CSV) - Modèle d'entreprise: relations avec les clients

Support client personnalisé pendant le processus de deuil

Carriage Services, Inc. fournit Services de counseling de deuil personnalisés à travers 204 salons funéraires et 32 ​​cimetières dans 26 États en 2023.

Type de service	Volume de soutien annuel	Durée moyenne
Séances de conseil en deuil	12 456 séances individuelles	4 à 6 semaines par famille
Soutien de suivi	8 743 familles suivies	12-18 mois après le service

Gestion des relations à long terme avec les familles

• Maintenir les enregistrements commémoratifs de la famille numérique
• Communication annuelle du souvenir
• Documentation du support à vie

Approche de service axée sur la communauté et empathique

CSV a déclaré 1,2 million de dollars investis dans des programmes de soutien communautaire en 2023.

Programme communautaire	Investissement annuel	Atteindre
Groupes de soutien au deuil local	$456,000	2 300 participants
Programmes de bourses commémoratifs	$345,000	87 bourses récompensées

Options de consultation numérique et en personne

Les canaux de consultation numérique comprennent:

• Counseling de la chagrin de télésanté
• Plateformes commémoratives en ligne
• Consultations d'arrangement virtuel

Soutien du mémorial et de suivi en cours

CSV fournit des services de suivi complet avec 782 000 $ d'investissement annuel.

Service de suivi	Engagement annuel	Taux de satisfaction client
Maintenance du site Web Memorial	3 456 sites commémoratifs actifs	Satisfaction à 94%
Événements annuels du souvenir	276 événements communautaires	Taux de fréquentation de 89%

Carriage Services, Inc. (CSV) - Modèle d'entreprise: canaux

Maison funéraire direct et lieux de cimetière

Depuis 2024, les services de transport fonctionnent 195 salons funéraires et 33 cimetières dans plusieurs États des États-Unis.

Type d'emplacement	Nombre d'installations	Couverture géographique
Salons funéraires	195	21 États
Cimetières	33	Plusieurs États

Site Web en ligne et plateformes de services numériques

Les canaux numériques incluent le site Web de l'entreprise Carriaceservices.com avec offres de services en ligne complètes.

• Outils de pré-planification numériques
• Soumissions nécrologiques en ligne
• Services commémoratifs virtuels
• Plateformes de paiement en ligne

Réseaux de référence avec des hospices et des prestataires de soins de santé

Les services de transport maintiennent des partenariats stratégiques avec Plus de 250 établissements de santé pour les canaux de référence directs.

Type de partenaire de référence	Nombre de partenariats
Hospice Organizations	127
Hôpitaux	85
Maisons de soins infirmiers	38

Communications marketing traditionnelles et numériques

Budget marketing pour 2024 estimé à 4,2 millions de dollars, distribué sur divers canaux.

• Publicité imprimée locale
• Campagnes de marketing numérique
• Engagement des médias sociaux
• Commanditaires des événements communautaires

Engagement et réseautage communautaires locaux

Budget annuel de l'engagement communautaire approximativement $750,000, en se concentrant sur l'établissement de relations locales.

Type d'engagement	Allocation annuelle
Commandites de l'événement local	$325,000
Programmes de sensibilisation communautaire	$275,000
Dons de bienfaisance	$150,000

Carriage Services, Inc. (CSV) - Modèle d'entreprise: segments de clientèle

Les familles à la recherche de services funéraires et commémoratifs

Depuis le quatrième trimestre 2023, Carriage Services exploite 169 salons funéraires dans 26 États. Le coût moyen des services funéraires varie de 7 848 $ à 9 135 $ par service.

Segment de clientèle	Part de marché	Coût moyen de service
Services funéraires traditionnels	62%	$8,500
Services de crémation	38%	$6,970

Individus pré-planification des arrangements de fin de vie

Le segment de pré-planification représente environ 22% du total des revenus de service en 2023.

• Âge médian des pré-plans: 55 à 65 ans
• Coût moyen du package pré-planification: 3 200 $
• Taux de croissance projeté: 4,3% par an

Divers groupes démographiques dans plusieurs régions

Distribution géographique des emplacements des services de voiture:

Région	Nombre d'emplacements	Pénétration du marché
États du Sud	87	51.5%
États du Midwest	45	26.6%
États occidentaux	22	13%
États du nord-est	15	8.9%

Les familles endeuillées nécessitant un soutien compatissant

Revenus de services de conseil et de soutien au deuil: 4,2 millions de dollars en 2023.

• Session moyenne de counseling en deuil Coût: 125 $
• Participation du groupe de soutien: 18% des utilisateurs de services

Organisations communautaires et religieuses

Revenus de partenariat institutionnel: 6,7 millions de dollars en 2023.

Type d'organisation	Taux de partenariat	Contribution annuelle des revenus
Organisations religieuses	45%	3,0 millions de dollars
Groupes communautaires	35%	2,3 millions de dollars
Organisations à but non lucratif	20%	1,4 million de dollars

Carriage Services, Inc. (CSV) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des biens

En 2024, Carriage Services, Inc. a déclaré des dépenses totales liées à la propriété de 87,4 millions de dollars pour ses propriétés de salon funéraire et de cimetière. La ventilation comprend:

Catégorie de dépenses	Montant ($)
Maintenance des biens	42,600,000
Taxes foncières	22,800,000
Assurance immobilière	12,000,000
Coûts des services publics	10,000,000

Salaires du personnel et frais de formation

Total des dépenses liées au personnel pour 2024:

• Dépenses de salaire total: 129,6 millions de dollars
• Avantages sociaux: 38,7 millions de dollars
• Formation et développement: 3,2 millions de dollars

Investissements de marketing et d'acquisition de clients

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	5,600,000
Publicité traditionnelle	3,900,000
Sensibilisation communautaire	1,500,000

Technologie et infrastructure opérationnelle

Dépenses liées à la technologie pour 2024:

• Infrastructure informatique: 7,3 millions de dollars
• Licences logicielles: 2,1 millions de dollars
• Cybersécurité: 1,6 million de dollars
• Mises à niveau matériel: 3,8 millions de dollars

Frais de conformité réglementaire et de licence

Dépenses de conformité	Montant ($)
Frais de licence d'État	2,500,000
Conformité réglementaire	4,200,000
Conseil juridique	1,800,000

Carriage Services, Inc. (CSV) - Modèle d'entreprise: Strots de revenus

Frais de funérailles

Pour l'exercice 2023, Carriage Services a déclaré que le total des revenus des services funéraires de 314,2 millions de dollars. Les frais de service funéraires moyens par service se situent entre 7 500 $ et 10 000 $ selon l'emplacement et la complexité du service.

Catégorie de service	Revenus moyens	Volume annuel
Services funéraires traditionnels	$9,200	12 500 services
Services de crémation	$6,500	8 750 services
Services commémoratifs	$5,300	5 600 services

Services de vente et d'inhumation sur les parcelles du cimetière

Les revenus liés au cimetière pour 2023 ont totalisé 87,6 millions de dollars. Le prix moyen du graphique du cimetière varie de 2 500 $ à 5 000 $.

• Ventes de parcelles de cimetière: 45,3 millions de dollars
• Services d'inhumation: 42,3 millions de dollars
• Taille moyenne du tracé: 250 pieds carrés

Offres de produits et de services commémoratifs

Les revenus des produits commémoratifs ont atteint 52,1 millions de dollars en 2023, avec des catégories de produits clés, notamment:

Catégorie de produits	Revenu	Marge bénéficiaire
Caskets et urnes	28,7 millions de dollars	35%
Bijoux commémoratifs	12,4 millions de dollars	42%
Articles commémoratifs	11,0 millions de dollars	30%

Contrats de planification des funérailles pré-nidés

Les revenus des contrats avant le nécessaire pour 2023 étaient de 78,5 millions de dollars, ce qui représente 19,4% du total des revenus de l'entreprise.

• Total des contrats avant les besoins vendus: 6 200
• Valeur du contrat moyen: 12 660 $
• Taux de conversion du contrat prépayé: 68%

Revenus de placement à partir de participations immobilières stratégiques

Les revenus de placements immobiliers pour 2023 ont totalisé 22,3 millions de dollars, dérivé des avoirs du cimetière et du salon funéraire.

Catégorie d'investissement	Valeur totale	Retour annuel
Propriétés du cimetière	185,6 millions de dollars	8.7%
Immobilier funéraire	214,3 millions de dollars	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.