StoneMor Inc. (NYSE: STON) (“StoneMor” or the
“Company”), a leading owner and operator of cemeteries and
funeral homes, today reported operating and financial results for
the second quarter ended June 30, 2021. Investors are encouraged to
read the Company’s quarterly report on Form 10-Q when it is filed
with the Securities and Exchange Commission (the “SEC”), which will
contain additional details, and will be posted at www.stonemor.com.
SECOND QUARTER FINANCIAL PERFORMANCE
- Revenues for the second quarter were
$83.0 million compared to $66.6 million in the second quarter in
the prior year. Six-month revenues were $161.3 million compared to
$131.7 million in the prior year period.
- Cemetery segment
operating income for the second quarter was $14.7 million compared
to $7.4 million in the second quarter in the prior year,
representing an increase of $7.2 million. Six-month cemetery
segment operating profit was $26.3 million compared to $12.6
million in the prior year period, representing an increase of $13.7
million.
- Funeral home segment
operating income for the second quarter was $1.2 million compared
to $1.0 million in the second quarter in the prior year,
representing an increase of $0.2 million. Six-month funeral home
segment operating profit was $2.8 million compared to $2.4 million
in the prior year period, representing an increase of $0.4
million.
- Corporate overhead
expense increased to $9.5 million in the second quarter compared to
$8.8 million in the second quarter in the prior year. Six-month
corporate overhead expense increased to $19.1 million compared to
$17.3 million in the prior year period.
- Second quarter
operating income was $4.1 million, compared to an operating loss of
$0.6 million in the second quarter in the prior year.
- Second quarter net
loss from continuing operations was $36.2 million compared to $8.8
million in the second quarter in the prior year.
- Second quarter
adjusted EBITDA was $32.1 million compared to $15.1 million in the
second quarter in the prior year.
Joe Redling, StoneMor’s President and Chief Executive Officer
said, “The second quarter continued to build upon the momentum from
the second half of 2020 and the first quarter of 2021, with
top-line revenue growth of 25% and more than a $17 million increase
in our adjusted EBITDA year-over-year. We continue to deliver
strong cemetery sales production results, with 26% growth in
pre-need cemetery sales production.”
LIQUIDITY UPDATE
As of June 30, 2021, the Company had $107.0 million of
cash, including $16.6 million of restricted cash, and $391.4
million of total debt.
“We have made great progress towards our previously announced
guidance targets for organic growth in our trusts and unlevered
free cash flow,” said Jeff DiGiovanni, StoneMor’s Senior Vice
President and Chief Financial Officer. “For the six-months ended
June 30, 2021, we generated $58 million in trust growth and $26
million in unlevered free cash flow, against $50 million and $40
million annual targets, respectively. This is a testament to the
success of our transformation plan and the hard-work of every
member of the StoneMor team.”
Redling added, “While the successful execution of our turnaround
strategy was an important step, it was only the first phase of the
StoneMor transformation. We are on the right trajectory and have
the tools and team in place to execute on the next phase of our
transformation – which is already in full force – a continued focus
on growth.”
CONFERENCE CALL INFORMATION
StoneMor will conduct a conference call to discuss this news
release today, August 10, 2021 at 4:30 p.m. Eastern Time. The
conference call can be accessed by calling (877) 221-6399. No
reservation number is necessary; however, due to the on-going
pandemic, it is advised that interested parties access the call-in
number 5 to 10 minutes prior to the scheduled start time to avoid
delays. StoneMor will also host a live webcast of this conference
call. Investors may access the live webcast via the Investors page
of the StoneMor website www.stonemor.com under Events &
Presentations.
About StoneMor Inc.
StoneMor Inc., headquartered in Bensalem, Pennsylvania, is an
owner and operator of cemeteries and funeral homes in the United
States, with 301 cemeteries and 70 funeral homes in 24 states and
Puerto Rico. StoneMor’s cemetery products and services, which are
sold on both a pre-need (before death) and at-need (at death)
basis, include: burial lots, lawn and mausoleum crypts, burial
vaults, caskets, memorials, and all services which provide for the
installation of this merchandise. For additional information about
StoneMor Inc. please visit StoneMor’s website, and the investors
section, at http://www.stonemor.com.
CONTACTInvestor RelationsStoneMor Inc.(215)
826-4438
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this press release, including,
but not limited to, information regarding continued implementation
of the Company’s transformation, are forward-looking statements.
Generally, the words “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “project,” “expect,” “predict”
and similar expressions identify these forward-looking statements.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management’s current
expectations and estimates. These statements are neither promises
nor guarantees and are made subject to certain risks and
uncertainties that could cause actual results to differ materially
from the results stated or implied in this press release.
StoneMor’s major risks are related to uncertainties associated with
current business and economic disruptions resulting from the
ongoing coronavirus pandemic, including the effect of government
regulations issued in connection therewith, its ability to
identify, and negotiate acceptable agreements with, sellers of
additional properties, uncertainties associated with the cash flow
from pre-need and at-need sales, trusts and
financings, which may impact StoneMor’s ability to meet its
financial projections and service its debt, as well as with
StoneMor’s ability to maintain an effective system of internal
control over financial reporting and disclosure controls and
procedures.
When considering forward-looking statements, you should keep in
mind the risk factors and other cautionary statements set forth in
StoneMor’s Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q and the other reports that StoneMor
files with the Securities and Exchange Commission, from time to
time. Except as required under applicable law, StoneMor assumes no
obligation to update or revise any forward-looking statements made
herein or any other forward-looking statements made by it, whether
as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures,
including adjusted EBITDA and unlevered free cash flow, which are
intended as supplemental measures of the Company’s performance that
are not required by or presented in accordance with GAAP. All
business results presented in this release are not prepared in
accordance with Article 11 of Regulation S-X.
Management uses these non-GAAP measures internally to evaluate
and manage the Company’s operations and to better understand its
business because they facilitate a comparative assessment of the
Company’s operating performance relative to its performance based
on results calculated under GAAP. These non-GAAP measures also
isolate the effects of some items that vary from period to period
without any correlation to core operating performance and eliminate
certain charges that management believes do not reflect the
Company’s operations and underlying operational performance. The
Compensation, Nominating and Governance Committee of the Company’s
board of directors also uses certain of these measures to evaluate
management’s performance and set its compensation. The Company
believes that these non-GAAP measures also provide useful
information to investors regarding certain financial and business
trends relating to the Company’s financial condition and operating
results and facilitate an evaluation of the financial performance
of the Company and its operations on a consistent basis. Providing
this information therefore allows investors to make independent
assessments of the Company’s financial performance, results of
operation and trends while viewing the information through the eyes
of management.
These non-GAAP measures are subject to limitations. The non-GAAP
measures presented in this release may not be comparable to
similarly titled measures used by other companies because other
companies may not calculate one or more in the same manner.
Additionally, the non-GAAP performance measures exclude significant
expenses and income that are required by GAAP to be recorded in the
Company’s financial statements; do not reflect changes in, or cash
requirements for, working capital needs; and do not reflect
interest expense, or the requirements necessary to service interest
or principal payments on debt. Further, our historical adjusted
results are not intended to project our adjusted results of
operations or financial position for any future period. To
compensate for these limitations, management presents and considers
these non-GAAP measures in conjunction with the Company’s GAAP
results; no non-GAAP measure should be considered in isolation from
or as an alternative to net income, earnings per share or any other
measure determined in accordance with GAAP. Readers should review
the reconciliations included below, and should not rely on any
single financial measure to evaluate the Company’s business.
A reconciliation of each non-GAAP measure to the most directly
comparable GAAP measure is set forth below (in thousands):
EBITDA AND ADJUSTED EBITDA
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net loss from continuing operations |
|
$ |
(36,245 |
) |
|
$ |
(8,798 |
) |
|
$ |
(41,458 |
) |
|
$ |
(23,570 |
) |
Income tax benefit |
|
|
(9,736 |
) |
|
|
(3,492 |
) |
|
|
(11,412 |
) |
|
|
(2,204 |
) |
Interest expense |
|
|
9,977 |
|
|
|
11,729 |
|
|
|
20,450 |
|
|
|
23,082 |
|
Depreciation and amortization |
|
|
2,027 |
|
|
|
2,293 |
|
|
|
4,129 |
|
|
|
4,607 |
|
EBITDA |
|
|
(33,977 |
) |
|
|
1,732 |
|
|
|
(28,291 |
) |
|
|
1,915 |
|
Loss on debt extinguishment |
|
|
40,128 |
|
|
|
— |
|
|
|
40,128 |
|
|
|
— |
|
Loss on sale of business and other impairments |
|
|
2,220 |
|
|
|
— |
|
|
|
2,220 |
|
|
|
— |
|
Other gains |
|
|
(69 |
) |
|
|
— |
|
|
|
(69 |
) |
|
|
— |
|
Cost of lots sold |
|
|
2,257 |
|
|
|
1,547 |
|
|
|
3,651 |
|
|
|
2,843 |
|
Non-cash stock compensation |
|
|
508 |
|
|
|
352 |
|
|
|
1,013 |
|
|
|
727 |
|
Change in deferred revenues |
|
|
23,054 |
|
|
|
13,229 |
|
|
|
45,652 |
|
|
|
19,663 |
|
Change in deferred selling and obtaining costs |
|
|
(2,027 |
) |
|
|
(1,790 |
) |
|
|
(4,229 |
) |
|
|
(2,968 |
) |
Adjusted EBITDA |
|
$ |
32,094 |
|
|
$ |
15,070 |
|
|
$ |
60,075 |
|
|
$ |
22,180 |
|
UNLEVERED CASH PROVIDED BY OPERATING
ACTIVITIES AND UNLEVERED FREE CASH FLOW
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net cash (used in) provided by operating activities |
|
$ |
(6,198 |
) |
|
$ |
6,439 |
|
|
$ |
(1,567 |
) |
|
$ |
1,201 |
|
Cash interest payments |
|
|
22,502 |
|
|
|
6,660 |
|
|
|
31,141 |
|
|
|
13,675 |
|
Unlevered cash provided by
operating activities |
|
|
16,304 |
|
|
|
13,099 |
|
|
|
29,574 |
|
|
|
14,876 |
|
Less: cash paid for capital
expenditures |
|
|
1,587 |
|
|
|
1,718 |
|
|
|
3,361 |
|
|
|
3,791 |
|
Unlevered free cash flow |
|
$ |
14,717 |
|
|
$ |
11,381 |
|
|
$ |
26,213 |
|
|
$ |
11,085 |
|
STONEMOR INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)(in thousands, except share and per
share data)
|
|
June 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents, excluding restricted cash |
|
$ |
90,398 |
|
|
$ |
39,244 |
|
Restricted cash |
|
|
16,575 |
|
|
|
20,846 |
|
Accounts receivable, net of allowance |
|
|
58,661 |
|
|
|
57,869 |
|
Prepaid expenses |
|
|
6,911 |
|
|
|
5,290 |
|
Assets held for sale |
|
|
— |
|
|
|
28,575 |
|
Other current assets |
|
|
15,178 |
|
|
|
16,884 |
|
Total current assets |
|
|
187,723 |
|
|
|
168,708 |
|
|
|
|
|
|
|
|
|
|
Long-term accounts receivable,
net of allowance |
|
|
76,599 |
|
|
|
75,301 |
|
Cemetery property |
|
|
296,529 |
|
|
|
299,526 |
|
Property and equipment, net of
accumulated depreciation |
|
|
80,392 |
|
|
|
83,496 |
|
Merchandise trusts, restricted,
at fair value |
|
|
544,268 |
|
|
|
501,453 |
|
Perpetual care trusts,
restricted, at fair value |
|
|
326,958 |
|
|
|
312,228 |
|
Deferred selling and obtaining
costs |
|
|
120,229 |
|
|
|
116,900 |
|
Deferred tax assets |
|
|
7 |
|
|
|
9 |
|
Intangible assets, net |
|
|
54,559 |
|
|
|
55,094 |
|
Other assets |
|
|
24,924 |
|
|
|
22,248 |
|
Total assets |
|
$ |
1,712,188 |
|
|
$ |
1,634,963 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
45,943 |
|
|
$ |
51,718 |
|
Liabilities held for sale |
|
|
— |
|
|
|
23,406 |
|
Accrued interest |
|
|
4,722 |
|
|
|
95 |
|
Current portion, long-term debt |
|
|
1,859 |
|
|
|
317 |
|
Total current liabilities |
|
|
52,524 |
|
|
|
75,536 |
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of deferred
financing costs |
|
|
389,559 |
|
|
|
320,715 |
|
Deferred revenues |
|
|
1,013,653 |
|
|
|
949,164 |
|
Deferred tax liabilities |
|
|
18,127 |
|
|
|
29,652 |
|
Perpetual care trust corpus |
|
|
326,958 |
|
|
|
312,228 |
|
Other long-term liabilities |
|
|
42,776 |
|
|
|
40,081 |
|
Total liabilities |
|
|
1,843,597 |
|
|
|
1,727,376 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per share, 200,000,000 shares
authorized, 117,964,891 |
|
|
|
|
|
|
|
|
and 117,871,141 shares issued and outstanding, respectively |
|
|
1,180 |
|
|
|
1,178 |
|
Paid-in capital in excess of par value |
|
|
(84,221 |
) |
|
|
(85,232 |
) |
Accumulated deficit |
|
|
(48,368 |
) |
|
|
(8,359 |
) |
Total stockholders’ equity |
|
|
(131,409 |
) |
|
|
(92,413 |
) |
Total liabilities and
stockholders’ equity |
|
$ |
1,712,188 |
|
|
$ |
1,634,963 |
|
|
|
|
|
|
|
|
|
|
STONEMOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)(in thousands, except per
share data)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemetery: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interments |
|
$ |
22,906 |
|
|
$ |
16,467 |
|
|
$ |
43,425 |
|
|
$ |
31,226 |
|
Merchandise |
|
|
17,787 |
|
|
|
14,591 |
|
|
|
34,069 |
|
|
|
28,969 |
|
Services |
|
|
17,698 |
|
|
|
16,551 |
|
|
|
34,979 |
|
|
|
31,578 |
|
Investment and other |
|
|
13,737 |
|
|
|
9,254 |
|
|
|
26,635 |
|
|
|
19,887 |
|
Funeral home: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise |
|
|
5,449 |
|
|
|
4,825 |
|
|
|
11,422 |
|
|
|
10,211 |
|
Services |
|
|
5,404 |
|
|
|
4,913 |
|
|
|
10,764 |
|
|
|
9,832 |
|
Total revenues |
|
|
82,981 |
|
|
|
66,601 |
|
|
|
161,294 |
|
|
|
131,703 |
|
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
12,435 |
|
|
|
9,269 |
|
|
|
23,619 |
|
|
|
18,683 |
|
Cemetery expense |
|
|
18,090 |
|
|
|
17,229 |
|
|
|
36,251 |
|
|
|
34,177 |
|
Selling expense |
|
|
14,776 |
|
|
|
12,206 |
|
|
|
28,983 |
|
|
|
24,257 |
|
General and administrative expense |
|
|
10,650 |
|
|
|
9,130 |
|
|
|
20,843 |
|
|
|
18,645 |
|
Corporate overhead |
|
|
9,534 |
|
|
|
8,756 |
|
|
|
19,075 |
|
|
|
17,257 |
|
Depreciation and amortization |
|
|
2,027 |
|
|
|
2,293 |
|
|
|
4,129 |
|
|
|
4,607 |
|
Funeral home expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise |
|
|
1,478 |
|
|
|
1,364 |
|
|
|
3,139 |
|
|
|
2,700 |
|
Services |
|
|
4,477 |
|
|
|
4,425 |
|
|
|
9,138 |
|
|
|
8,819 |
|
Other |
|
|
3,239 |
|
|
|
2,490 |
|
|
|
6,258 |
|
|
|
5,250 |
|
Total costs and expenses |
|
|
76,706 |
|
|
|
67,162 |
|
|
|
151,435 |
|
|
|
134,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of business and
other impairments |
|
|
(2,220 |
) |
|
|
— |
|
|
|
(2,220 |
) |
|
|
— |
|
Other gains |
|
|
69 |
|
|
|
— |
|
|
|
69 |
|
|
|
— |
|
Operating income (loss) |
|
|
4,124 |
|
|
|
(561 |
) |
|
|
7,708 |
|
|
|
(2,692 |
) |
Interest expense |
|
|
(9,977 |
) |
|
|
(11,729 |
) |
|
|
(20,450 |
) |
|
|
(23,082 |
) |
Loss on debt extinguishment |
|
|
(40,128 |
) |
|
|
— |
|
|
|
(40,128 |
) |
|
|
— |
|
Loss from continuing operations
before income taxes |
|
|
(45,981 |
) |
|
|
(12,290 |
) |
|
|
(52,870 |
) |
|
|
(25,774 |
) |
Income tax benefit |
|
|
9,736 |
|
|
|
3,492 |
|
|
|
11,412 |
|
|
|
2,204 |
|
Net loss from continuing
operations |
|
|
(36,245 |
) |
|
|
(8,798 |
) |
|
|
(41,458 |
) |
|
|
(23,570 |
) |
Discontinued operations (Note
2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations of discontinued businesses |
|
|
860 |
|
|
|
4,884 |
|
|
|
1,449 |
|
|
|
28,659 |
|
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income from discontinued operations |
|
|
860 |
|
|
|
4,884 |
|
|
|
1,449 |
|
|
|
28,659 |
|
Net (loss) income |
|
$ |
(35,385 |
) |
|
$ |
(3,914 |
) |
|
$ |
(40,009 |
) |
|
$ |
5,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing
operations per common share (basic) |
|
$ |
(0.31 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.25 |
) |
Net income from discontinued
operations per common share (basic) |
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.01 |
|
|
|
0.30 |
|
Net (loss) income per common
share (basic) |
|
$ |
(0.30 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.34 |
) |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing
operations per common share (diluted) |
|
$ |
(0.31 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.25 |
) |
Net income from discontinued
operations per common share (diluted) |
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.01 |
|
|
|
0.30 |
|
Net (loss) income per common
share (diluted) |
|
$ |
(0.30 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.34 |
) |
|
$ |
0.05 |
|
Weighted average number of common
shares outstanding - basic |
|
|
117,956 |
|
|
|
97,572 |
|
|
|
117,933 |
|
|
|
96,022 |
|
Weighted average number of common
shares outstanding - diluted |
|
|
117,956 |
|
|
|
97,572 |
|
|
|
117,933 |
|
|
|
96,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STONEMOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (UNAUDITED) (in thousands)
|
|
Six Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(40,009 |
) |
|
$ |
5,089 |
|
Adjustments to reconcile net (loss) income to net cash (used in)
provided by |
|
|
|
|
|
|
|
|
operating activities: |
|
|
|
|
|
|
|
|
Cost of lots sold |
|
|
3,651 |
|
|
|
2,843 |
|
Depreciation and amortization |
|
|
4,169 |
|
|
|
4,793 |
|
Provision for bad debt |
|
|
3,519 |
|
|
|
3,807 |
|
Non-cash compensation expense |
|
|
1,013 |
|
|
|
727 |
|
Loss on debt extinguishment |
|
|
40,128 |
|
|
|
— |
|
Non-cash interest expense |
|
|
3,160 |
|
|
|
10,506 |
|
Loss (gain) on sale of businesses |
|
|
1,353 |
|
|
|
(28,951 |
) |
Other gains |
|
|
(69 |
) |
|
|
— |
|
Payment-in-kind interest premium |
|
|
(18,440 |
) |
|
|
— |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net of allowance |
|
|
(11,522 |
) |
|
|
(8,234 |
) |
Merchandise trust fund |
|
|
(17,378 |
) |
|
|
(2,242 |
) |
Other assets |
|
|
(2,942 |
) |
|
|
4,746 |
|
Deferred selling and obtaining costs |
|
|
(4,229 |
) |
|
|
(2,968 |
) |
Deferred revenues |
|
|
45,652 |
|
|
|
19,663 |
|
Deferred taxes, net |
|
|
(11,523 |
) |
|
|
(2,340 |
) |
Payables and other liabilities |
|
|
1,900 |
|
|
|
(6,238 |
) |
Net cash (used in) provided by operating activities |
|
|
(1,567 |
) |
|
|
1,201 |
|
Cash Flows From
Investing Activities: |
|
|
|
|
|
|
|
|
Cash paid for capital expenditures |
|
|
(3,361 |
) |
|
|
(3,791 |
) |
Proceeds from divestitures |
|
|
6,578 |
|
|
|
48,336 |
|
Net cash provided by investing activities |
|
|
3,217 |
|
|
|
44,545 |
|
Cash Flows From
Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of Series A Preferred Stock |
|
|
— |
|
|
|
8,800 |
|
Proceeds from issuance of Common Stock |
|
|
— |
|
|
|
8,200 |
|
Proceeds from borrowings |
|
|
404,433 |
|
|
|
2,639 |
|
Repayments of debt |
|
|
(329,294 |
) |
|
|
(53,572 |
) |
Principal payment on finance leases |
|
|
(796 |
) |
|
|
(749 |
) |
Early redemption premium |
|
|
(18,478 |
) |
|
|
— |
|
Cost of financing activities |
|
|
(10,632 |
) |
|
|
(4,236 |
) |
Shares repurchased related to share-based compensation |
|
|
— |
|
|
|
(35 |
) |
Net cash provided by (used in) financing activities |
|
|
45,233 |
|
|
|
(38,953 |
) |
Net increase in cash,
cash equivalents and restricted cash |
|
|
46,883 |
|
|
|
6,793 |
|
Cash, cash equivalents
and restricted cash—Beginning of period |
|
|
60,090 |
|
|
|
56,767 |
|
Cash, cash equivalents
and restricted cash—End of period |
|
$ |
106,973 |
|
|
$ |
63,560 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
31,141 |
|
|
$ |
13,675 |
|
Cash paid during the period for income taxes |
|
|
1,989 |
|
|
|
— |
|
Cash paid for amounts
included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
961 |
|
|
$ |
1,611 |
|
Operating cash flows from finance leases |
|
|
166 |
|
|
|
225 |
|
Financing cash flows from finance leases |
|
|
796 |
|
|
|
749 |
|
Non-cash investing and
financing activities: |
|
|
|
|
|
|
|
|
Accrued paid-in-kind interest on 2024 Notes |
|
$ |
— |
|
|
$ |
7,077 |
|
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