SCI Corporate Communications
Phone: 1-844-220-4408
Email: Press.Room@sci-us.com

Service Corporation International Announces First Quarter 2016 Financial Results
Conference call on Thursday, April 28, 2016, at 8:00 a.m. Central Time.
PR Newswire
HOUSTON

HOUSTON, April 27, 2016 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, reported results for the first quarter of 2016. Our unaudited consolidated financial statements can be found at the end of this press release. The table below summarizes our key financial results:

 

(In millions, except for per share amounts)


Three Months Ended March 31,



2016


2015

Revenue


$

749.3



$

748.1


Operating income


$

123.6



$

141.1


Net income attributable to common stockholders


$

47.4



$

61.4


Diluted earnings per share


$

0.24



$

0.30


Earnings from continuing operations excluding special items(1)


$

55.3



$

65.6


Diluted earnings per share from continuing operations excluding special items(1)


$

0.28



$

0.32


Diluted weighted average shares outstanding


198.0



207.8


Net cash provided by operating activities


$

184.8



$

188.8


Net cash provided by operating activities excluding special items(1)


$

190.0



$

197.8




(1)

Earnings from continuing operations excluding special items, diluted earnings per share from continuing operations excluding special items, and net cash provided by operating activities excluding special items are non-GAAP financial measures. A reconciliation from net income attributable to common stockholders, diluted earnings per share, and net cash provided by operating activities computed in accordance with generally accepted accounting principles in the United States (GAAP) can be found later in this press release under the headings "Cash Flow and Capital Spending" and "Non-GAAP Financial Measures".

 

Quarterly Highlights:

  • Diluted earnings per share from continuing operations excluding special items was $0.28 in the first quarter of 2016 compared to $0.32 in the prior year quarter.  The impact of lower funeral services performed compared against a strong first quarter of 2015, which was influenced by a strong flu season, was partially offset by an increase in preneed cemetery property revenue.
  • Net cash provided by operating activities excluding special items was $190.0 million in the first quarter of 2016 compared to $197.8 million in the first quarter of 2015, decreasing primarily as a result of lower earnings in the current quarter.
  • During the first quarter, we returned $78.0 million to our shareholders through a combination of share repurchases and dividends.

Tom Ryan, the Company's Chairman and Chief Executive Officer, commented on the first quarter of 2016:

"Considering the challenge we anticipated in funeral services performed for the first quarter, as compared to the increase we experienced in the prior year quarter from a strong flu season, we are pleased to report both normalized earnings per share and cash flow results that were within our expectations.  Also on a positive note we continued to experience high single digit percentage growth in both preneed funeral and cemetery sales.  Having lapped our tough comparable funeral volume quarter, we feel confident about our ability to deliver solid financial results for the remainder of 2016.  I would like to thank our entire team for their continued focus on delivering extraordinary service to our client families, which was recognized by JD Power as we were awarded the JD Power President's Award in early 2016.  We will continue to focus on growing our revenues by remaining relevant with the consumer, increasing future market share by growing our preneed sales, continuing to leverage our increasing scale and deploying capital to enhance shareholder value."

REVIEW OF RESULTS FOR FIRST QUARTER 2016

 

Consolidated Segment Results

 (See definitions of revenue line items later in this earnings release.)



(In millions, except funeral services performed and average revenue per service)

Three Months Ended

March 31,


2016


2015

Funeral:




Atneed revenue

$

282.6



$

300.1


Funeral home matured preneed revenue

139.4



149.5


Core revenue

422.0



449.6


Non-funeral home matured preneed revenue

6.1



6.4


Recognized preneed revenue

29.0



23.1


Other revenue

35.0



28.6


 Total revenue

$

492.1



$

507.7






Gross profit

$

107.0



$

126.9


Gross margin percentage

21.7

%


25.0

%





Funeral services performed

82,198



87,310


Average revenue per service

$

5,208



$

5,223






Cemetery:




Atneed revenue

$

77.7



$

75.5


Recognized preneed revenue

143.6



131.8


Core revenue

221.3



207.3


Other revenue

35.9



33.1


 Total revenue

$

257.2



$

240.4






Gross profit

$

54.5



$

50.5


Gross margin percentage

21.2

%


21.0

%

 

Comparable Funeral Results

The table below details comparable funeral results of operations ("same store") for the three months ended March 31, 2016 and 2015. We consider comparable operations to be those owned for the entire period beginning January 1, 2015 and ending March 31, 2016.

 

(Dollars in millions, except average revenue per service and average revenue per contract sold)




Three Months Ended March 31,



2016


2015


$


%

Comparable revenue:









Atneed revenue(1)


$

280.7



297.4



$

(16.7)



(5.6)

%

Funeral home matured preneed revenue(2)


138.9



148.3



(9.4)



(6.3)

%

Core revenue(3)


419.6



445.7



(26.1)



(5.9)

%

Non-funeral home matured preneed revenue(4)


6.2



6.4



(0.2)



(3.1)

%

Recognized preneed revenue(5)


28.8



23.1



5.7



24.7

%

Other revenue(6)


34.9



29.0



5.9



20.3

%

Total comparable revenue


$

489.5



$

504.2



$

(14.7)



(2.9)

%










Comparable gross profit


$

107.5



$

127.9



$

(20.4)



(15.9)

%

Comparable gross margin percentage


22.0

%


25.4

%


(3.4)%



(13.4)

%










Comparable funeral services performed:









Atneed


49,986



53,425



(3,439)



(6.4)

%

Funeral home matured preneed


24,457



26,233



(1,776)



(6.8)

%

Total core


74,443



79,658



(5,215)



(6.5)

%

Non-funeral home matured preneed


7,137



6,947



190



2.7

%

Total comparable funeral services performed


81,580



86,605



(5,025)



(5.8)

%










Comparable average revenue per service:









Atneed


$

5,616



$

5,567



$

49



0.9

%

Funeral home matured preneed


5,679



5,653



26



0.5

%

Total core


5,637



5,595



42



0.8

%

Non-funeral home matured preneed


869



921



(52)



(5.6)

%

Total comparable average revenue per service


$

5,219



$

5,220



$

(1)



%



















Comparable preneed sales production:









Total preneed sales


$

210.9



$

194.3



$

16.6



8.5

%

Total preneed contracts sold


46,185



42,928



3,257



7.6

%

Average revenue per contract sold


$

4,566



$

4,526



$

40



0.9

%



















(1)

Atneed revenue represents merchandise and services sold and delivered or performed once death has occurred.

(2)

Funeral home matured preneed revenue represents merchandise and services sold on a preneed contract through one of our funeral homes and delivered or performed once death has occurred.

(3)

Core revenue represents the sum of merchandise and services sold on an atneed contract or sold by one of our funeral homes on a preneed contract and delivered or performed once death has occurred.

(4)

Non-funeral home matured preneed revenue represents services sold on a preneed contract through one of our non-funeral home sales channels (e.g. SCI Direct) and performed once death has occurred.

(5)

Recognized preneed revenue represents merchandise and travel protection sold on a preneed contract and delivered before death has occurred.

(6)

Other revenue primarily comprises general agency revenue, which is commissions we receive from third-party insurance companies for life insurance policies sold to preneed customers for the purpose of funding preneed arrangements.

 

  • Our comparable funeral revenue decreased by $14.7 million in the first quarter of 2016 compared to the same period of 2015.  A decline in core revenue of $26.1 million was partially offset by growth in recognized preneed revenue and general agency revenue. 
  • The core revenue decrease was primarily a result of a 6.5% decline in core funeral services performed which resulted from a milder flu season experienced in the current quarter.
  • Core average revenue per service increased 0.8% during the first quarter of 2016.  An increase of 2.4% organic sales average growth was somewhat offset by an increase in cremation mix, an unfavorable Canadian currency impact, and lower trust fund income.
  • Our comparable cremation rate increased 100 basis points to 52.1% in the current quarter compared to the same period in 2015.
  • Comparable funeral gross profit decreased $20.4 million to $107.5 million in first quarter of 2016. The decline in higher margin core revenue was partially offset by increased gross profit from recognized preneed revenue.  While general agency revenue increased during the quarter, this increase was offset by higher preneed funeral selling costs.   
  • Comparable preneed funeral sales production increased $16.6 million, or 8.5%, in the first quarter of 2016 compared to 2015.  The primary driver of the sales production growth was related to a 7.6% increase in the number of preneed contracts sold. 

Comparable Cemetery Results

The table below details comparable cemetery results of operations ("same store") for the three months ended March 31, 2016 and 2015. We consider comparable operations to be those owned for the entire period beginning January 1, 2015 and ending March 31, 2016.

 

(Dollars in millions)


Three Months Ended March 31,



2016


2015


$


%

Comparable revenue:









Atneed revenue(1)


$

76.8



$

75.4



$

1.4



1.9

%

Recognized preneed revenue(2)


142.7



131.7



11.0



8.4

%

Core revenue(3)


219.5



207.1



12.4



6.0

%

Other revenue(4)


35.8



33.1



2.7



8.2

%

Total comparable revenue


$

255.3



$

240.2



$

15.1



6.3

%










Comparable gross profit


$

54.2



$

50.7



$

3.5



6.9

%

Comparable gross margin percentage


21.2

%


21.1

%


0.1

%


0.5

%










Comparable preneed and atneed sales production:









Property


$

156.2



$

145.5



$

10.7



7.4

%

Merchandise and services


135.7



128.6



7.1



5.5

%

Discounts


(31.6)



(26.8)



(4.8)



(17.9)

%

Preneed and atneed sales production


$

260.3



$

247.3



$

13.0



5.3

%

 Recognition rate(5)


84

%


84

%







(1)

Atneed revenue represents property, merchandise, and services sold and delivered or performed once death has occurred.

(2)

Recognized preneed revenue represents property, merchandise, and services sold on a preneed contract that have been delivered or performed.

(3)

Core revenue represents the sum of property, merchandise, and services that have been delivered or performed.

(4)

Other revenue is primarily related to merchandise and service trust fund income, endowment care trust fund income, royalty income, and interest and finance charges earned from customer receivables on preneed installment contracts.

(5)

Represents the ratio of current period core revenue recognition stated as a percentage of current period sales production.

 

  • Comparable cemetery revenue grew by $15.1 million, or 6.3%, in the first quarter of 2016 compared to 2015.  Recognized preneed revenue accounted for $11 million of the increase along with higher atneed revenue and other revenue.  The other revenue increase of $2.7 million was primarily an increase in cash distributions of capital gains received from perpetual care trusts in the first quarter of 2016 compared to the same period in the prior year.
  • Comparable preneed cemetery sales production increased by $12.9 million, or 7.7%, quarter over quarter.  This increase was driven primarily by growth in the number of preneed property contracts sold and an increase in large sales activity that occurred late in the quarter.
  • Comparable cemetery gross profit increased $3.5 million while the gross margin percentage remained essentially flat at 21.2%.   The gross profit increase was partially offset by higher selling costs that we expect to normalize over the course of 2016. 

Other Financial Results

General and administrative expenses increased $3.0 million to $37.5 million in the first quarter of 2016 compared to the same period of 2015. The prior year included $2.9 million of acquisition and integration costs and $0.8 million of system transition costs. The current quarter included $4.1 million of system transition costs primarily related to our 2016 implementation of a new general ledger system and $5.5 million related to the write off of debt costs associated with previous acquisitions. Excluding these one-time costs, general and administrative expenses decreased $2.9 million over the prior year primarily due to decreases in liabilities associated with our incentive compensation plans.

Cash Flow and Capital Spending

Set forth below is a reconciliation of our reported net cash provided by operating activities prepared in accordance with GAAP to net cash provided by operating activities excluding special items (or sometimes referred to as adjusted operating cash flow). We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.

 

(In millions)

Three Months Ended March 31,


2016


2015

Net cash provided by operating activities, as reported

$

184.8



$

188.8


System transition costs

2.9



3.5


Excess tax benefits from share-based awards

2.3



5.5


Net cash provided by operating activities excluding special items

$

190.0



$

197.8


 

Net cash provided by operating activities excluding special items continues to be robust at $190.0 million for the first quarter. The difference compared to the first quarter of 2015 was due primarily to lower earnings in the period and higher cash tax payments of $4.1 million, partially offset by higher preneed cemetery installment collections.

A summary of our capital expenditures is set forth below:

 

 (In millions)

Three Months Ended March 31,


2016


2015

Capital improvements at existing locations

$

19.0



$

17.2


Development of cemetery property

19.7



9.4


Construction of new funeral home facilities

3.0



1.7


Total capital expenditures

$

41.7



$

28.3


 

Total capital expenditures increased in the current quarter by $13.4 million as a result of a $10.3 million increase in capital deployed for the development of cemetery property.  This increase is primarily due to the timing of cash payments quarter over quarter and does not alter our outlook for capital improvements at existing locations and development of cemetery property totaling $150 million in 2016. 

TRUST FUND RETURNS

Total trust fund returns include realized and unrealized gains and losses and dividends. A summary of our consolidated trust fund returns for the three months ended March 31, 2016 is set forth below:

 



Three Months

Preneed funeral


0.3%

Preneed cemetery


0.5%

Cemetery perpetual care


2.3%

Combined trust funds


1.0%

 

NON-GAAP FINANCIAL MEASURES

Earnings from continuing operations excluding special items and diluted earnings per share from continuing operations excluding special items (or sometimes referred to as normalized earnings per share) shown above are non-GAAP financial measures. We believe these non-GAAP financial measures provide a consistent basis for comparison between quarters and better reflect the performance of our core operations, as they are not influenced by certain income or expense items not affecting continuing operations. We also believe these measures help facilitate comparisons to our competitors' operating results.

Set forth below is a reconciliation of our reported net income attributable to common stockholders to earnings from continuing operations excluding special items and our GAAP diluted earnings per share to diluted earnings per share from continuing operations excluding special items. We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.

 

(In millions, except diluted EPS)

Three Months Ended March 31,


2016


2015


Net

Income


Diluted

EPS


Net

Income


Diluted

EPS

Net income attributable to common stockholders, as reported

$

47.4



$

0.24



$

61.4



$

0.30


After-tax reconciling items:








Losses on divestitures and impairment charges, net

(0.1)





1.0




Losses on early extinguishment

0.4








Acquisition and integration costs

4.0



0.02



1.8



0.01


System integration costs

2.5



0.01



0.4




Change in certain tax reserves and other

1.1



0.01



1.0



0.01


Earnings from continuing operations excluding special items and diluted earnings per share from continuing operations excluding special items

$

55.3



$

0.28



$

65.6



$

0.32










Diluted weighted average shares outstanding (in thousands)



198,030





207,752


 

Conference Call and Webcast

We will host a conference call on Thursday, April 28, 2016, at 8:00 a.m. Central Time. A question and answer session will follow a brief presentation made by management. The conference call dial-in number is (847) 619-6396 with the passcode of 42377659. The conference call will also be broadcast live via the Internet and can be accessed through our website at www.sci-corp.com. A replay of the conference call will be available through May 12, 2016 and can be accessed at (630) 652-3042 with the passcode of 42377659#. Additionally, a replay of the conference call will be available on our website for approximately two weeks.

Cautionary Statement on Forward-Looking Statements

The statements in this Form 10-Q that are not historical facts are forward-looking statements made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by words such as "believe," "estimate," "project," "expect," "anticipate," or "predict," that convey the uncertainty of future events or outcomes. These statements are based on assumptions that we believe are reasonable; however, many important factors could cause our actual results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by us, or on our behalf. Important factors, which could cause actual results to differ materially from those in forward-looking statements include, among others, the following:

  • Our affiliated funeral and cemetery trust funds own investments in equity securities, fixed income securities, and mutual funds, which are affected by market conditions that are beyond our control.
  • We may be required to replenish our affiliated funeral and cemetery trust funds in order to meet minimum funding requirements, which would have a negative effect on our earnings and cash flow.
  • Our ability to execute our strategic plan depends on many factors, some of which are beyond our control.
  • Our credit agreements contain covenants that may prevent us from engaging in certain transactions.
  • If we lost the ability to use surety bonding to support our preneed funeral and preneed cemetery activities, we may be required to make material cash payments to fund certain trust funds.
  • The funeral and cemetery industry is competitive.
  • Increasing death benefits related to preneed contracts funded through life insurance contracts may not cover future increases in the cost of providing a price-guaranteed service.
  • The financial condition of third-party insurance companies that fund our preneed funeral contracts may impact our future revenue.
  • Unfavorable results of litigation could have a material adverse impact on our financial statements.
  • Unfavorable publicity could affect our reputation and business.
  • If the number of deaths in our markets declines, our cash flows and revenue may decrease.
  • If we are not able to respond effectively to changing consumer preferences, our market share, revenue, and profitability could decrease.
  • The continuing upward trend in the number of cremations performed in North America could result in lower revenue and gross profit.
  • Our funeral home and cemetery businesses are high fixed-cost businesses.
  • Regulation and compliance could have a material adverse impact on our financial results.
  • Cemetery burial practice legal claims could have a material adverse impact on our financial results.
  • We use a combination of insurance, self-insurance and large deductibles in managing our exposure to certain inherent risks, as such, we could be exposed to unexpected costs that could negatively affect our financial performance.
  • A number of years elapse before particular tax matters, for which we have established accruals, are audited and finally resolved.
  • Declines in overall economic conditions beyond our control could reduce future potential earnings and cash flows and could result in future impairments to goodwill and/or other intangible assets.
  • Any failure to maintain the security of the information relating to our customers, their loved ones, our associates, and our vendors could damage our reputation, could cause us to incur substantial additional costs and to become subject to litigation, and could adversely affect our operating results.
  • Our Canadian business exposes us to operational, economic, and currency risks.
  • Our level of indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, and may prevent us from fulfilling our obligations under our indebtedness.
  • Failure to maintain effective internal control over financial reporting could adversely affect our results of operations, investor confidence, and our stock price.

For further information on these and other risks and uncertainties, see our Securities and Exchange Commission filings, including our 2015 Annual Report on Form 10-K. Copies of this document as well as other SEC filings can be obtained from our website at www.sci-corp.com. We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events or otherwise.

About Service Corporation International

Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of deathcare products and services. At March 31, 2016, we owned and operated 1,522 funeral homes and 468 cemeteries (of which 262 are combination locations) in 45 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. Through our businesses, we market the Dignity Memorial® brand which offers assurance of quality, value, caring service, and exceptional customer satisfaction. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about Dignity Memorial®, please visit www.dignitymemorial.com.

 

For additional information contact:



Investors:


Debbie Young - Director / Investor Relations


(713) 525-9088

Media:


Marianne Gooch - Managing Director / Corporate Communications


(713) 525-9167

 

SERVICE CORPORATION INTERNATIONAL

CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share amounts)



Three Months Ended


March 31,


2016


2015


(In thousands, except per share amounts)

Revenue

$

749,271



$

748,117


Costs and expenses

(587,775)



(570,673)


Gross profit

161,496



177,444


General and administrative expenses

(37,508)



(34,550)


Losses on divestitures and impairment charges, net

(347)



(1,779)


Operating income

123,641



141,115


Interest expense

(43,082)



(42,939)


Loss on early extinguishment of debt

(581)




Other expense, net

(211)



(58)


Income before income taxes

79,767



98,118


Provision for income taxes

(32,313)



(36,653)


    Net income

47,454



61,465


Net income attributable to noncontrolling interests

(9)



(90)


Net income attributable to common stockholders

$

47,445



$

61,375


Basic earnings per share:




Net income attributable to common stockholders

$

0.24



$

0.30


Basic weighted average number of shares

194,924



203,510


Diluted earnings per share:




Net income attributable to common stockholders

$

0.24



$

0.30


Diluted weighted average number of shares

198,030



207,752


Dividends declared per share

$

0.12



$

0.10


 

SERVICE CORPORATION INTERNATIONAL

CONSOLIDATED BALANCE SHEET

(In thousands, except share amounts)



March 31,

2016


December 31,

2015


(In thousands, except share amounts)

ASSETS




Current assets:




Cash and cash equivalents

$

213,505



$

134,599


Receivables, net

83,241



90,462


Inventories

28,612



27,835


Other

27,523



47,155


Total current assets

352,881



300,051


Preneed funeral receivables, net and trust investments

1,763,274



1,760,297


Preneed cemetery receivables, net and trust investments

2,323,679



2,318,167


Cemetery property

1,754,024



1,753,015


Property and equipment, net

1,841,013



1,846,722


Goodwill

1,800,522



1,796,340


Deferred charges and other assets

586,573



582,378


Cemetery perpetual care trust investments

1,334,165



1,319,427


Total assets

$

11,756,131



$

11,676,397






LIABILITIES & EQUITY




Current liabilities:




Accounts payable and accrued liabilities

$

446,824



$

422,842


Current maturities of long-term debt

57,413



86,823


Income taxes payable

13,574



1,373


Total current liabilities

517,811



511,038


Long-term debt

3,076,342



3,037,605


Deferred preneed funeral revenue

560,300



557,897


Deferred preneed cemetery revenue

1,144,292



1,120,001


Deferred tax liability

470,715



470,584


Other liabilities

493,434



496,921


Deferred preneed receipts held in trust

2,968,592



2,973,386


Care trusts' corpus

1,334,552



1,319,564






Equity:




Common stock, $1 per share par value, 500,000,000 shares authorized, 201,520,963 and 200,859,676 shares issued, respectively, and 194,147,675 and 195,772,876 shares outstanding, respectively

194,148



195,773


Capital in excess of par value

1,063,892



1,092,106


Accumulated deficit

(101,545)



(109,351)


Accumulated other comprehensive income

28,871



6,164


Total common stockholders' equity

1,185,366



1,184,692


Noncontrolling interests

4,727



4,709


Total equity

1,190,093



1,189,401


Total liabilities and equity

$

11,756,131



$

11,676,397


 

SERVICE CORPORATION INTERNATIONAL

CONSOLIDATED STATEMENT OF CASH FLOWS



Three Months Ended March 31,


2016


2015

Cash flows from operating activities:




Net income

$

47,454



$

61,465


Adjustments to reconcile net income to net cash provided by operating activities:




Loss on early extinguishment of debt

581




Depreciation and amortization

35,834



34,041


Amortization of intangible assets

7,667



8,150


Amortization of cemetery property

13,599



11,632


Amortization of loan costs

1,615



2,422


Provision for doubtful accounts

538



2,690


Benefit for deferred income taxes

(1,291)



(6,624)


Losses on divestitures and impairment charges, net

347



1,779


Share-based compensation

3,067



4,023


Excess tax benefits from share-based awards

(2,258)



(5,511)


Change in assets and liabilities, net of effects from acquisitions and divestitures:




Decrease (increase) in receivables

9,340



(2,894)


Decrease in other assets

1,598



5,894


Increase in payables and other liabilities

56,062



54,847


Effect of preneed funeral production and maturities:




Decrease in preneed funeral receivables, net and trust investments

3,146



13,760


(Decrease) increase deferred preneed funeral revenue

(599)



6,729


Decrease in deferred preneed funeral receipts held in trust

(10,273)



(21,748)


Effect of cemetery production and deliveries:




Increase in preneed cemetery receivables, net and trust investments

(7,869)



(7,252)


Increase in deferred preneed cemetery revenue

22,286



22,375


Increase in deferred preneed cemetery receipts held in trust

3,918



2,994


Net cash provided by operating activities

184,762



188,772


Cash flows from investing activities:




Capital expenditures

(41,708)



(28,298)


Acquisitions

(56)



(30,616)


Proceeds from divestitures and sales of property and equipment

10,164



3,901


Net withdrawals of restricted funds

5,120



2,841


Net cash used in investing activities

(26,480)



(52,172)


Cash flows from financing activities:




Proceeds from issuance of long-term debt

590,000



15,000


Debt issuance costs

(5,035)




Payments of debt

(10,054)



(15,071)


Early extinguishment of debt

(580,483)




Principal payments on capital leases

(8,156)



(7,380)


Proceeds from exercise of stock options

3,133



9,445


Excess tax benefits from share-based awards

2,258



5,511


Purchase of Company common stock

(54,632)



(73,180)


Payments of dividends

(23,324)



(20,461)


Bank overdrafts and other

1,369



(6,819)


Net cash used in financing activities

(84,924)



(92,955)


Effect of foreign currency on cash and cash equivalents

5,548



(3,851)


Net increase in cash and cash equivalents

78,906



39,794


Cash and cash equivalents at beginning of period

134,599



177,335


Cash and cash equivalents at end of period

$

213,505



$

217,129


 

SOURCE Service Corporation International