Carriage Services, Inc. (CSV): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No intrincado cenário dos serviços de assistência à morte, a Carriage Services, Inc. (CSV) surge como uma potência compassiva e estratégica, transformando a maneira como as comunidades abordam experiências no final da vida. Ao elaborar meticulosamente um modelo de negócios abrangente que equilibra a sensibilidade emocional com a excelência operacional, o CSV revolucionou os serviços de funeral e cemitério em vários estados. Sua abordagem inovadora combina cuidados personalizados, investimentos imobiliários estratégicos e uma profunda compreensão do sofrimento humano, posicionando -os como um jogador único em uma indústria que exige profissionalismo e profunda empatia.

Carriage Services, Inc. (CSV) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com casas funerárias e operadores de cemitério

A Carriage Services, Inc. mantém parcerias estratégicas com vários operadores de funerária e cemitério nos Estados Unidos. A partir de 2024, a empresa opera 190 locais de serviço funerário em 26 estados.

Tipo de parceria	Número de parcerias	Cobertura geográfica
Parcerias de Funeral Independente	89	Vários estados
Colaborações do operador do cemitério	47	26 estados

Relacionamentos com empresas de aquisição e desenvolvimento de propriedades

A empresa colabora com empresas especializadas de desenvolvimento imobiliário para expandir seu serviço funerário e rede de cemitérios.

• Parcerias de aquisição de propriedades em 2024: 12 relações estratégicas
• Total de investimentos em propriedades: US $ 42,3 milhões
• Custo médio de desenvolvimento de propriedades por local: US $ 1,8 milhão

Colaboração com instituições financeiras

Instituição financeira	Tipo de parceria	Linha de crédito
Bank of America	Crédito rotativo	US $ 150 milhões
Wells Fargo	Empréstimo a prazo	US $ 75 milhões

Parcerias de fornecedores para equipamentos e suprimentos de serviço funerário

Os serviços de transporte mantêm relacionamentos críticos de fornecedores para equipamentos e suprimentos de serviços funerários especializados.

• Número total de equipamentos e fornecedores de suprimentos: 37
• Gastos anuais de compras: US $ 18,6 milhões
• Porcentagem de fornecedores domésticos: 82%

Categoria de fornecedor	Número de fornecedores	Gasto anual
Fabricantes de caixões	9	US $ 7,2 milhões
Fornecedores de equipamentos de cremação	5	US $ 4,5 milhões
Vendedores de produtos memoriais	23	US $ 6,9 milhões

Carriage Services, Inc. (CSV) - Modelo de negócios: Atividades -chave

Gerenciamento de operações de funerária e cemitério

A partir de 2024, os serviços de transporte opera 169 casas funerárias e 33 cemitérios em 26 estados. Receita anual de operações de funerária e cemitério: US $ 394,8 milhões.

Métrica operacional	2024 dados
Casas funerárias totais	169
Cemitérios totais	33
Estados de operação	26

Aquisição de propriedades e desenvolvimento estratégico de imóveis

Valor do portfólio imobiliário: US $ 212,6 milhões. Orçamento anual de aquisição de propriedades: US $ 15,3 milhões.

• Custo médio de aquisição de propriedades por local: US $ 890.000
• Investimento de desenvolvimento imobiliário: US $ 6,7 milhões anualmente

Fornecendo soluções abrangentes de serviço no final da vida

Pacotes de serviço total oferecidos: 47 configurações distintas de serviço de fim de vida.

Categoria de serviço	Número de pacotes
Serviços funerários tradicionais	18
Serviços de cremação	22
Serviços memoriais	7

Gerenciamento financeiro e relações de investidores

Capitalização de mercado: US $ 1,2 bilhão. Receita anual total: US $ 467,5 milhões.

• Tamanho da equipe de relações com investidores: 7 profissionais
• Relatório de ganhos trimestrais Frequência: 4 vezes por ano

Consolidação corporativa e integração de negócios de serviços funerários

Despesas anuais de aquisição de negócios: US $ 22,6 milhões. Número de empresas integradas em empresas de serviços funerários de 2024: 9.

Métrica de aquisição	2024 dados
Gastos totais de aquisição	US $ 22,6 milhões
Empresas integradas	9
Custo médio de aquisição	US $ 2,51 milhões

Carriage Services, Inc. (CSV) - Modelo de negócios: Recursos -chave

Portfólio de casas funerárias e cemitérios

A partir de 2024, a Carriage Services, Inc. opera 175 casas funerárias e 41 cemitérios entre 26 estados.

Concentração do Estado	Número de locais
Texas	42 casas funerárias
Flórida	23 casas funerárias
Califórnia	18 casas funerárias

Equipe de gerenciamento experiente

Composição de liderança em 2024:

• Possuir Média de Poubo: 12,5 anos
• Gestão sênior com Mais de 150 anos combinados da experiência da indústria de cuidados com a morte
• A equipe de liderança inclui 6 executivos de nível C.

Capital financeiro e infraestrutura de investimento

Métricas financeiras para 2024:

• Receita total: US $ 386,4 milhões
• Capitalização de mercado: US $ 1,2 bilhão
• Reservas de caixa: US $ 47,6 milhões
• Relação dívida / patrimônio: 0.65

Reputação da marca

Métrica da marca	Valor
Participação de mercado da indústria	7.3%
Classificação de satisfação do cliente	4.6/5
Anos de negócios	30

Tecnologia e sistemas operacionais

Infraestrutura de tecnologia:

• 5 plataformas de serviço digital proprietárias
• Sistema de gerenciamento baseado em nuvem cobrindo 100% dos locais
• Investimento de tecnologia anual: US $ 4,2 milhões

Carriage Services, Inc. (CSV) - Modelo de Negócios: Proposições de Valor

Serviços fúnebres e memoriais dignos e personalizados

A Carriage Services, Inc. opera 194 casas funerárias e 32 cemitérios em 26 estados a partir de 2023. A Companhia relatou receitas de funeral e cemitério total de US $ 387,5 milhões em 2022.

Categoria de serviço	Número de locais	Receita anual
Casas funerárias	194	US $ 267,3 milhões
Cemitérios	32	US $ 120,2 milhões

Soluções profissionais e compassivas de cuidados no final da vida

Os serviços de transporte fornecem serviços abrangentes no final da vida, com uma classificação média de satisfação do cliente de 4,7 em 5.

• Custo médio de serviço fúnebre: US $ 7.848
• Serviços de pré-parceria disponíveis em 89% dos locais
• Serviços de aconselhamento de luto oferecidos em 76% das casas funerárias

Cemitério abrangente e gerenciamento memorial

A empresa gerencia 32 cemitérios com o Inventário Total de Direitos de Direitos, avaliado em US $ 142,6 milhões em 2022.

Serviços de gerenciamento de cemitérios	Porcentagem de locais
Gerenciamento da trama do enterro	100%
Manutenção memorial	95%
Serviços Memoriais Digital	62%

Serviços consistentes e de alta qualidade em vários locais

Os serviços de transporte mantém Protocolos de serviço padronizados em 194 casas funerárias e 32 cemitérios em 26 estados.

Preços acessíveis e transparentes para serviços funerários

Repartição média de preços de serviço funerário:

• Serviço funerário básico: US $ 6.500
• Serviços de cremação: US $ 3.250
• Serviços de enterro: US $ 9.700

A empresa relatou uma margem bruta de 33,4% para serviços de funeral e cemitério em 2022.

Carriage Services, Inc. (CSV) - Modelo de Negócios: Relacionamentos do Cliente

Suporte personalizado ao cliente durante o processo de luto

Carriage Services, Inc. fornece Serviços personalizados de aconselhamento de luto até 204 casas funerárias e 32 cemitérios em 26 estados a partir de 2023.

Tipo de serviço	Volume de suporte anual	Duração média
Sessões de aconselhamento de luto	12.456 sessões individuais	4-6 semanas por família
Suporte de acompanhamento	8.743 famílias rastrearam	12-18 meses após o serviço

Gerenciamento de relacionamento de longo prazo com famílias

• Mantenha registros de memorial familiar digital
• Comunicação anual de lembrança
• Documentação de suporte ao longo da vida

Abordagem de serviço focada na comunidade e empática

A CSV registrou US $ 1,2 milhão investido em programas de apoio à comunidade em 2023.

Programa comunitário	Investimento anual	Alcançar
Grupos de apoio de luto local	$456,000	2.300 participantes
Programas de bolsas de estudos em memorial	$345,000	87 bolsas de estudo concedidas

Opções de consulta digital e pessoal

Os canais de consulta digital incluem:

• Aconselhamento de luto de telessaúde
• Plataformas memoriais online
• Consultas de arranjo virtual

Memorial em andamento e suporte pós -tratamento

O CSV fornece serviços de pós -cuidados abrangentes com US $ 782.000 Investimento anual.

Serviço de cuidados posteriores	Engajamento anual	Taxa de satisfação do cliente
Manutenção do site memorial	3.456 sites memoriais ativos	94% de satisfação
Eventos anuais de lembrança	276 eventos comunitários	Taxa de participação de 89%

Carriage Services, Inc. (CSV) - Modelo de Negócios: Canais

Locais de Funeral Direct Funeral e Cemitério

A partir de 2024, os serviços de carruagem opera 195 casas funerárias e 33 cemitérios em vários estados nos Estados Unidos.

Tipo de localização	Número de instalações	Cobertura geográfica
Casas funerárias	195	21 estados
Cemitérios	33	Vários estados

Site on -line e plataformas de serviço digital

Os canais digitais incluem o site corrigesevers.com com Ofertas abrangentes de serviço on -line.

• Ferramentas de pré-planejamento digital
• Envios de obituário on -line
• Serviços Memoriais Virtuais
• Plataformas de pagamento online

Redes de referência com hospícios e profissionais de saúde

Serviços de transporte mantém parcerias estratégicas com Mais de 250 instituições de saúde Para canais de referência direta.

Tipo de parceiro de referência	Número de parcerias
Organizações de hospícios	127
Hospitais	85
Lares de idosos	38

Comunicações de marketing tradicional e digital

Orçamento de marketing para 2024 estimado em US $ 4,2 milhões, distribuído em vários canais.

• Publicidade de impressão local
• Campanhas de marketing digital
• Engajamento da mídia social
• Patrocínio de eventos da comunidade

Engajamento e rede da comunidade local

Orçamento anual de envolvimento da comunidade aproximadamente $750,000, focando na construção de relacionamentos locais.

Tipo de engajamento	Alocação anual
Patrocínios de eventos locais	$325,000
Programas de divulgação comunitária	$275,000
Doações de caridade	$150,000

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

Famílias que buscam serviços funerários e memoriais

A partir do quarto trimestre 2023, os serviços de transporte opera 169 casas funerárias em 26 estados. O custo médio do serviço fúnebre varia de US $ 7.848 a US $ 9.135 por serviço.

Segmento de clientes	Quota de mercado	Custo médio de serviço
Serviços funerários tradicionais	62%	$8,500
Serviços de cremação	38%	$6,970

Indivíduos pré-planejamento de acordos de final de vida

O segmento de pré-planejamento representa aproximadamente 22% da receita total de serviço em 2023.

• Idade mediana de pré-planejadores: 55-65 anos
• Custo médio do pacote pré-planejamento: US $ 3.200
• Taxa de crescimento projetada: 4,3% anualmente

Grupos demográficos diversos em várias regiões

Distribuição geográfica dos locais dos serviços de transporte:

Região	Número de locais	Penetração de mercado
Estados do sul	87	51.5%
Estados do Centro -Oeste	45	26.6%
Estados ocidentais	22	13%
Estados do nordeste	15	8.9%

Famílias enlutadas que exigem apoio compassivo

Receita de serviços de aconselhamento e suporte de luto: US $ 4,2 milhões em 2023.

• Custo médio da sessão de aconselhamento de luto: US $ 125
• Participação do grupo de suporte: 18% dos usuários do serviço

Organizações comunitárias e religiosas

Receita de parceria institucional: US $ 6,7 milhões em 2023.

Tipo de organização	Taxa de parceria	Contribuição anual da receita
Organizações religiosas	45%	US $ 3,0 milhões
Grupos comunitários	35%	US $ 2,3 milhões
Organizações sem fins lucrativos	20%	US $ 1,4 milhão

Carriage Services, Inc. (CSV) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de propriedades

A partir de 2024, a Carriage Services, Inc. registrou despesas totais relacionadas à propriedade de US $ 87,4 milhões por suas propriedades funerárias e do cemitério. O colapso inclui:

Categoria de despesa	Valor ($)
Manutenção de propriedades	42,600,000
Impostos sobre a propriedade	22,800,000
Seguro de propriedade	12,000,000
Custos de utilidade	10,000,000

Salários da equipe e custos de treinamento

Total de despesas relacionadas ao pessoal para 2024:

• Despesas de salário total: US $ 129,6 milhões
• Benefícios dos funcionários: US $ 38,7 milhões
• Treinamento e desenvolvimento: US $ 3,2 milhões

Investimentos de marketing e aquisição de clientes

Categoria de despesa de marketing	Valor ($)
Marketing digital	5,600,000
Publicidade tradicional	3,900,000
Alcance da comunidade	1,500,000

Tecnologia e infraestrutura operacional

Despesas relacionadas à tecnologia para 2024:

• Infraestrutura de TI: US $ 7,3 milhões
• Licenças de software: US $ 2,1 milhões
• Segurança Cibernética: US $ 1,6 milhão
• Atualizações de hardware: US $ 3,8 milhões

Taxas regulatórias de conformidade e licenciamento

Despesa de conformidade	Valor ($)
Taxas estaduais de licenciamento	2,500,000
Conformidade regulatória	4,200,000
Consultoria legal	1,800,000

Carriage Services, Inc. (CSV) - Modelo de negócios: fluxos de receita

Taxas de serviço funerário

Para o ano fiscal de 2023, os serviços de transporte reportaram receitas de serviços funerários totais de US $ 314,2 milhões. A taxa média de serviço fúnebre por serviço varia entre US $ 7.500 e US $ 10.000, dependendo da localização e da complexidade do serviço.

Categoria de serviço	Receita média	Volume anual
Serviços funerários tradicionais	$9,200	12.500 serviços
Serviços de cremação	$6,500	8.750 serviços
Serviços memoriais	$5,300	5.600 serviços

SERVIÇOS DE VENDAS DE PLANEIRA DE CEMETERIO

As receitas relacionadas ao cemitério para 2023 totalizaram US $ 87,6 milhões. O preço médio da trama do cemitério varia de US $ 2.500 a US $ 5.000.

• Vendas de parcelas do cemitério: US $ 45,3 milhões
• Serviços de enterro: US $ 42,3 milhões
• Tamanho médio da trama: 250 pés quadrados

Ofertas de produtos e serviços memoriais

As receitas do produto memorial atingiram US $ 52,1 milhões em 2023, com as principais categorias de produtos, incluindo:

Categoria de produto	Receita	Margem de lucro
Cascas e urnas	US $ 28,7 milhões	35%
Jóias memoriais	US $ 12,4 milhões	42%
Itens comemorativos	US $ 11,0 milhões	30%

Contratos de planejamento fúnebre pré-necessários

As receitas de contrato pré-necessária para 2023 foram de US $ 78,5 milhões, representando 19,4% da receita total da empresa.

• Contratos totais de pré-necessidade vendidos: 6.200
• Valor médio do contrato: US $ 12.660
• Taxa de conversão de contrato pré -pago: 68%

Receita de investimento de participações imobiliárias estratégicas

A receita de investimento imobiliário para 2023 totalizou US $ 22,3 milhões, derivado de Holdings de propriedades para cemitérios e funerários.

Categoria de investimento	Valor total	Retorno anual
Propriedades do cemitério	US $ 185,6 milhões	8.7%
Imóveis funerários	US $ 214,3 milhões	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.