Overview Key strengths Key risks Steady long-term drivers of demand including the death rate, aging population, and memorialization trends. Near-term decline in the death rate due to fewer COVID-related deaths. Good economies of scale relative to most of the industry. Acquisition-centric growth strategy and aggressive share repurchases historically. Relatively low customer price sensitivity with better pricing power in the cemetery segment. Consumer preferences shifting to lower-cost products and services. Low organic growth in the fragmented, mature funeral industry and low industry growth in cemeteries. Following debt-funded acquisitions and share repurchases, S&P Global Ratings-adjusted trailing twelve-month (TTM) debt to EBITDA reached around 6x in the first quarter of 2023, up from 4.6x at year-end 2020. Management, led by the newly appointed
