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 2019 fourth quarter and year ended December 31, 2019 and
provided an update on recent liquidity enhancement measures.
Investors are encouraged to read the Company's annual report
on Form 10-K when it is filed with the Securities and Exchange
Commission (the “SEC”). That report, which StoneMor expects
to file in the next few days, will contain additional detail, and
will be able to be found at www.stonemor.com.
FOURTH QUARTER AND FULL YEAR FINANCIAL
PERFORMANCE
- Revenues for the three months ended December 31, 2019 were
$66.4 million compared to $83.4 million in the prior year
period. Revenues for the twelve months ended December 31,
2019 were $289.5 million compared to $316.1 million in the prior
year.
- Cemetery segment income for the three months ended December 31,
2019 was $0.6 million compared to $6.6 million in the prior year
period, representing a decrease of $6.0 million. Cemetery
segment income for the year ended December 31, 2019 was $12.4
million compared to $14.9 million in the prior year.
- Funeral home segment income for the three months ended December
31, 2019 and 2018 was $1.5 million. Funeral home segment
income for the year ended December 31, 2019 was $5.9 million
compared to $6.9 million in the prior year.
- Corporate overhead expense, excluding non-recurring expenses
and non-cash stock compensation expense, increased to $10.6 million
in the fourth quarter compared to $9.9 million in the prior year
period. Corporate overhead expense, excluding non-recurring
expenses and non-cash stock compensation expense, declined to $38.0
million for the full year period from $39.9 million in the prior
year, as a result of corporate cost reduction initiatives.
- Fourth quarter net loss was $52.4 million compared to $20.5
million in the prior year period. Full year net loss was
$151.9 million compared to $72.7 million in the prior year.
The increased loss for the full year was driven primarily by the
June 2019 recapitalization and the December 2019 C-Corp conversion,
with increases in interest expense of $17.9 million related to the
new debt financing, losses on the extinguishment of our old
facility and increases in income tax expense of $30.0 million based
on the change in tax status and a limitation on our ability to use
our NOL carryovers following the recapitalization.
Additionally, we recorded a $24.9 million impairment of goodwill
during 2019.
Joe Redling, StoneMor’s President and Chief Executive Officer
said, “We are starting to see the impact of our company-wide cost
reduction initiatives take hold and we expect to benefit much more
significantly from these actions in future quarters. Phase II of
our cost reduction efforts are well underway, as evidenced by
today’s announcement regarding our partnership with Moon
Landscaping that will reduce costs and improve efficiencies across
our entire cemetery portfolio. Additionally, we are in the
process of launching a new procurement program that will improve
internal controls and drive additional savings opportunities.
We continue to identify and implement additional savings
opportunities and we expect to incur one-time expenses of
approximately $5 million to achieve these savings in the form of
investments in technology platforms, software and other operational
costs. That said, we expect that we will exceed our target of over
$30 million in annualized cost savings.”
“COVID-19 is creating personal and economic disruption globally.
During this challenging time, the health and safety of our team
members, our families and our guests remain our top priority.
We implemented safe work practices and work from home policies
consistent with CDC guidance to reduce the risks of exposure to the
virus while supporting the families that we serve. Services and
gatherings are being limited in compliance with local, state and
federal guidelines, but we are working with our locations to ensure
that they have video streaming capabilities for the benefit of
friends and family that cannot physically attend a service.
We will also work with our families to ensure that additional
services and memorials can be held after this pandemic has
subsided.”
“Like every other business world-wide, we have been impacted by
the COVID-19 pandemic. As recently as early March, we were
on-pace to deliver double-digit sales growth for the first quarter
2020, as compared to the first quarter 2019. Over the last
two weeks we have seen our Pre-Need sales activity decline as
Americans practice social distancing. We have already taken steps
to provide virtual meeting options using a variety of web-based
tools to our entire salesforce and we are seeing encouraging early
results. While we expect our Pre-Need sales business to be
challenged during this period, we are doing everything possible to
mitigate the disruption. Additionally, we expect this disruption
will not have a material impact on our operating cash flow in
2020. Our cemeteries and funeral homes remain open and fully
available to serve our families.”
LIQUIDITY UPDATE
As of December 31, 2019, the Company had $56.8 million of
cash, including $21.9 million of restricted cash, and $368.3
million of total debt.
StoneMor today announced it has entered into an amendment to the
indenture with respect to its 9.875%/11.500% Senior Secured PIK
Toggle Notes due 2024. The amendment will provide StoneMor
with additional cushion with regards to multiple covenants as it
implements its reorganization plan and deals with the impact of the
COVID-19 pandemic. The following covenants were amended as
part of the indenture amendment:
- The Interest Coverage Ratio measurements at March 31, June 30
and September 30, 2020 have been eliminated and replaced with a
Minimum Operating Cash Flow covenant measured on a trailing nine
month basis of $(25.0 million) for the quarter ended March 31, 2020
and measured on a trailing twelve month basis of ($35.0 million)
and ($35.0 million) for the quarters ended June 30, 2020 and
September 30, 2020, respectively;
- The required Interest Coverage Ratios at December 31, 2020,
March 31, 2021 and June 30, 2021 were reduced to 0.00x, 0.75x and
1.10x, respectively, from 1.15x, 1.25x and 1.30x, respectively;
and
- The Asset Coverage tests at March 31, June 30, September 30 and
December 31, 2020 were reduced to 1.40x from 1.60x.
The amendment requires StoneMor to raise equity capital of not
less than $17 million on or before July 31, 2020, in part through
the rights offering described below. The amendment will be
effective when StoneMor raises the initial $8.8 million of such
equity capital and pays a $5 million consent fee to the
noteholders, of which $3.5 million will be paid in cash and $1.5
million will be paid by increasing the principal amount of the
Notes outstanding.
StoneMor also announced that it entered into a letter agreement
with Axar Capital Management LP (“Axar”) pursuant to which Axar
committed to (a) purchase shares of StoneMor Series A Preferred
Stock with an aggregate purchase price of $8.8 million on April 3,
2020, (b) exercise its basic rights in the rights offering by
tendering the shares of Series A Preferred Stock so purchased for
shares of Common Stock and (c) purchasing any shares offered in the
rights offering for which other stockholders do not exercise their
rights, up to a maximum of an additional $8.2 million of such
shares. StoneMor is not paying Axar any commitment, backstop
or other fees in connection with this agreement.
Under the terms of the indenture amendment and the Axar letter
agreement, StoneMor agreed to undertake an offering to holders of
its Common Stock of transferable rights to purchase their pro rata
share of shares of Common Stock with an aggregate exercise price of
at least $17 million at a price of $0.73 per share. The rights
offering period, during which the rights will be transferable, will
be no less than 20 calendar days and no more than 45 calendar
days. StoneMor will use its best efforts to complete the
rights offering with an expiration date no later than July 24,
2020.
“We are pleased to have the continued support of our largest
stockholder and our lenders and appreciate the confidence they
maintain in the Company’s future,” said Jeff DiGiovanni, StoneMor’s
Senior Vice President and Chief Financial Officer. “This timely
covenant action provides us with the flexibility we need to
continue to invest in our operations and efficiency initiatives,
while we prepare the Company to manage through the impacts that
we’ll see from COVID-19 and the stock market fluctuations over the
past month. We have a strong cash position and with this
added flexibility provided by our equity and debt partners, will be
in a strong position for the remainder of 2020 and beyond.”
DIVESTITURE UPDATE
StoneMor has closed on one property in California and has signed
definitive purchase agreements for its remaining properties in the
state. Collectively, these California asset sales will yield
$82.3 million in purchase price, including $65.2 million in cash,
subject to certain adjustments and credits, and $17.0 million of
assumed land purchase obligations.
“The exit of California represents a significant milestone in
our divestiture strategy and puts us on the path of re-focusing our
geographic footprint in areas where we have the ability to create
operational scale,” said Redling. “We have achieved accretive
multiples on these transactions, while significantly improving our
debt position and improving our liquidity profile. We will
continue to target divestitures that produce similar opportunities
and expect to finalize additional transactions during the 2nd and
3rd quarters of 2020.”
Per the indenture governing the Senior Notes, StoneMor has used
$31.3 million in net proceeds from prior asset sales to redeem a
portion of the outstanding Senior Notes and will utilize an
additional $23.7 million of net proceeds of the last two California
asset sales and 80% of the net proceeds from these sales in excess
of that amount to redeem additional outstanding Senior
Notes.
CONFERENCE CALL INFORMATION
StoneMor will conduct a conference call to discuss this news
release today, April 2, 2020 at 4:30 p.m. Eastern Time.
The conference call can be accessed by calling (877)
256-6190. No reservation number is necessary. 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 Trevose, Pennsylvania, is an
owner and operator of cemeteries and funeral homes in the United
States, with 320 cemeteries and 90 funeral homes in 27 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.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this press release, including,
but not limited to, information regarding the anticipated timing of
the filing of the Company’s Form 10-K Annual Report and
consummation of planned equity capital transactions and additional
asset divestitures, as well as continued implementation of the
Company’s performance and cost structure improvement efforts and
the anticipated financial impact thereof, 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 recent
coronavirus pandemic, including the effect of government
regulations issued in connection therewith, its ability to
identify, and negotiate acceptable agreements with, purchasers 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.
STONEMOR INC.
CONSOLIDATED BALANCE
SHEETS(in thousands)
|
|
December 31, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents, excluding restricted cash |
|
$ |
34,867 |
|
|
$ |
18,147 |
|
Restricted cash |
|
|
21,900 |
|
|
|
— |
|
Accounts receivable, net of allowance |
|
|
55,794 |
|
|
|
57,928 |
|
Prepaid expenses |
|
|
4,778 |
|
|
|
4,475 |
|
Assets held for sale |
|
|
23,858 |
|
|
|
757 |
|
Other current assets |
|
|
17,142 |
|
|
|
17,009 |
|
Total current assets |
|
|
158,339 |
|
|
|
98,316 |
|
|
|
|
|
|
|
|
|
|
Long-term accounts receivable,
net of allowance |
|
|
75,549 |
|
|
|
87,148 |
|
Cemetery property |
|
|
320,605 |
|
|
|
331,137 |
|
Property and equipment, net of
accumulated depreciation |
|
|
103,400 |
|
|
|
112,716 |
|
Merchandise trusts, restricted,
at fair value |
|
|
517,192 |
|
|
|
488,248 |
|
Perpetual care trusts,
restricted, at fair value |
|
|
343,619 |
|
|
|
330,562 |
|
Deferred selling and obtaining
costs |
|
|
114,944 |
|
|
|
113,644 |
|
Deferred tax assets |
|
|
81 |
|
|
|
86 |
|
Goodwill |
|
|
— |
|
|
|
24,862 |
|
Intangible assets |
|
|
56,246 |
|
|
|
61,421 |
|
Other assets |
|
|
29,393 |
|
|
|
22,241 |
|
Total assets |
|
$ |
1,719,368 |
|
|
$ |
1,670,381 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Owners'
Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
55,134 |
|
|
$ |
59,035 |
|
Liabilities held for sale |
|
|
20,668 |
|
|
|
— |
|
Accrued interest |
|
|
125 |
|
|
|
1,967 |
|
Current portion, long-term debt |
|
|
374 |
|
|
|
798 |
|
Total current liabilities |
|
|
76,301 |
|
|
|
61,800 |
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of deferred
financing costs |
|
|
367,963 |
|
|
|
320,248 |
|
Deferred revenues |
|
|
949,375 |
|
|
|
919,606 |
|
Deferred tax liabilities |
|
|
34,613 |
|
|
|
6,675 |
|
Perpetual care trust corpus |
|
|
343,619 |
|
|
|
330,562 |
|
Other long-term liabilities |
|
|
49,987 |
|
|
|
42,108 |
|
Total liabilities |
|
|
1,821,858 |
|
|
|
1,680,999 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners' equity: |
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per share, 200,000 shares authorized,
94,447 shares issued and outstanding |
|
|
944,474 |
|
|
|
|
|
Paid-in capital in excess of par value |
|
|
(1,046,964 |
) |
|
|
|
|
Retained deficit |
|
|
— |
|
|
|
— |
|
Members' equity |
|
|
— |
|
|
|
(10,618 |
) |
Total owners' equity |
|
|
(102,490 |
) |
|
|
(10,618 |
) |
Total liabilities and owners'
equity |
|
$ |
1,719,368 |
|
|
$ |
1,670,381 |
|
STONEMOR INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per unit
data)
|
|
Three Months Ended
December 31, |
|
|
Year Ended
December 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cemetery: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interments |
|
$ |
14,881 |
|
|
|
$ |
18,772 |
|
|
|
$ |
67,425 |
|
|
|
$ |
76,902 |
|
|
Merchandise |
|
|
12,606 |
|
|
|
|
23,646 |
|
|
|
|
64,476 |
|
|
|
|
75,412 |
|
|
Services |
|
|
15,094 |
|
|
|
|
16,631 |
|
|
|
|
65,494 |
|
|
|
|
67,278 |
|
|
Investment and other |
|
|
11,018 |
|
|
|
|
11,558 |
|
|
|
|
40,492 |
|
|
|
|
42,343 |
|
|
Funeral home: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise |
|
|
5,854 |
|
|
|
|
6,120 |
|
|
|
|
23,774 |
|
|
|
|
25,652 |
|
|
Services |
|
|
6,962 |
|
|
|
|
6,698 |
|
|
|
|
27,861 |
|
|
|
|
28,539 |
|
|
Total revenues |
|
|
66,415 |
|
|
|
|
83,425 |
|
|
|
|
289,522 |
|
|
|
|
316,126 |
|
|
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
8,911 |
|
|
|
|
15,260 |
|
|
|
|
40,174 |
|
|
|
|
54,647 |
|
|
Cemetery expense |
|
|
17,094 |
|
|
|
|
20,880 |
|
|
|
|
74,339 |
|
|
|
|
78,708 |
|
|
Selling expense |
|
|
14,508 |
|
|
|
|
14,865 |
|
|
|
|
59,347 |
|
|
|
|
62,538 |
|
|
General and administrative expense |
|
|
10,801 |
|
|
|
|
11,044 |
|
|
|
|
44,231 |
|
|
|
|
43,081 |
|
|
Corporate overhead |
|
|
12,962 |
|
|
|
|
13,413 |
|
|
|
|
51,107 |
|
|
|
|
53,281 |
|
|
Depreciation and amortization |
|
|
2,662 |
|
|
|
|
2,883 |
|
|
|
|
10,782 |
|
|
|
|
11,736 |
|
|
Funeral home expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise |
|
|
1,786 |
|
|
|
|
1,652 |
|
|
|
|
7,013 |
|
|
|
|
6,579 |
|
|
Services |
|
|
5,296 |
|
|
|
|
5,566 |
|
|
|
|
21,659 |
|
|
|
|
22,159 |
|
|
Other |
|
|
3,605 |
|
|
|
|
3,472 |
|
|
|
|
14,643 |
|
|
|
|
15,787 |
|
|
Total costs and expenses |
|
|
77,625 |
|
|
|
|
89,035 |
|
|
|
|
323,295 |
|
|
|
|
348,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other losses, net |
|
|
(4,548 |
|
) |
|
|
(7,001 |
|
) |
|
|
(8,106 |
|
) |
|
|
(11,504 |
|
) |
Operating loss |
|
|
(15,758 |
|
) |
|
|
(12,611 |
|
) |
|
|
(41,879 |
|
) |
|
|
(43,894 |
|
) |
Interest expense |
|
|
(13,237 |
|
) |
|
|
(7,744 |
|
) |
|
|
(48,519 |
|
) |
|
|
(30,602 |
|
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
|
— |
|
|
|
|
(8,478 |
|
) |
|
|
— |
|
|
Loss on goodwill impairment |
|
|
— |
|
|
|
|
— |
|
|
|
|
(24,862 |
|
) |
|
|
— |
|
|
Loss from operations before
income taxes |
|
|
(28,995 |
|
) |
|
|
(20,355 |
|
) |
|
|
(123,738 |
|
) |
|
|
(74,496 |
|
) |
Income tax (expense) benefit |
|
|
(23,363 |
|
) |
|
|
(179 |
|
) |
|
|
(28,204 |
|
) |
|
|
1,797 |
|
|
Net loss |
|
|
(52,358 |
|
) |
|
|
(20,534 |
|
) |
|
|
(151,942 |
|
) |
|
|
(72,699 |
|
) |
Net loss attributable to StoneMor
Partners L.P. (predecessor) |
|
|
(52,358 |
|
) |
|
|
(20,534 |
|
) |
|
|
(151,942 |
|
) |
|
|
(72,699 |
|
) |
Net loss attributable to StoneMor
Inc. |
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
Net loss per common share
(basic) |
|
$ |
(1.23 |
|
) |
|
$ |
(0.54 |
|
) |
|
$ |
(3.84 |
|
) |
|
$ |
(1.92 |
|
) |
Net loss per common share
(diluted) |
|
$ |
(1.23 |
) |
|
|
$ |
(0.54 |
) |
|
|
$ |
(3.83 |
) |
|
|
$ |
(1.92 |
) |
|
Weighted average number of common
shares outstanding - basic |
|
|
42,401 |
|
|
|
|
37,959 |
|
|
|
|
39,614 |
|
|
|
|
37,959 |
|
|
Weighted average number of common
shares outstanding - diluted |
|
|
42,401 |
|
|
|
|
37,959 |
|
|
|
|
39,677 |
|
|
|
|
37,959 |
|
|
STONEMOR INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS(in thousands)
|
|
Year Ended
December 31, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
Cash Flows From
Operating Activities: |
|
|
|
|
|
Net loss |
|
$ |
(151,942 |
) |
|
$ |
(72,699 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
Cost of lots sold |
|
|
7,027 |
|
|
|
7,808 |
|
|
Depreciation and amortization |
|
|
10,782 |
|
|
|
11,736 |
|
|
Provision for bad debt |
|
|
7,559 |
|
|
|
7,358 |
|
|
Non-cash compensation expense |
|
|
3,623 |
|
|
|
2,523 |
|
|
Loss on debt extinguishment |
|
|
8,478 |
|
|
|
— |
|
|
Loss on goodwill impairment |
|
|
24,862 |
|
|
|
— |
|
|
Non-cash interest expense |
|
|
18,095 |
|
|
|
5,985 |
|
|
Other losses, net |
|
|
8,106 |
|
|
|
11,504 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable, net of allowance |
|
|
(8,633 |
) |
|
|
4,498 |
|
|
Merchandise trust fund |
|
|
(17,916 |
) |
|
|
4,295 |
|
|
Other assets |
|
|
(56 |
) |
|
|
2,618 |
|
|
Deferred selling and obtaining costs |
|
|
(3,598 |
) |
|
|
(4,819 |
) |
|
Deferred revenues |
|
|
36,656 |
|
|
|
37,405 |
|
|
Deferred taxes, net |
|
|
27,943 |
|
|
|
(2,591 |
) |
|
Payables and other liabilities |
|
|
(8,972 |
) |
|
|
10,836 |
|
|
Net cash (used in) provided by operating activities |
|
|
(37,986 |
) |
|
|
26,457 |
|
|
Cash Flows From
Investing Activities: |
|
|
|
|
|
Cash paid for capital expenditures |
|
|
(6,418 |
) |
|
|
(12,172 |
) |
|
Cash paid for acquisitions |
|
|
— |
|
|
|
(1,667 |
) |
|
Proceeds from divestitures |
|
|
6,255 |
|
|
|
— |
|
|
Proceeds from asset sales |
|
|
— |
|
|
|
1,276 |
|
|
Net cash provided by (used in) investing activities |
|
|
(163 |
) |
|
|
(12,563 |
) |
|
Cash Flows From
Financing Activities: |
|
|
|
|
|
Proceeds from issuance of redeemable convertible preferred
units |
|
|
12,500 |
|
|
|
— |
|
|
Proceeds from issuance of redeemable convertible preferred units -
related party |
|
|
45,000 |
|
|
|
- |
|
|
Proceeds from borrowings |
|
|
406,087 |
|
|
|
29,880 |
|
|
Repayments of debt |
|
|
(366,905 |
) |
|
|
(28,493 |
) |
|
Principal payment on finance leases |
|
|
(1,464 |
) |
|
|
— |
|
|
Cost of financing activities |
|
|
(17,396 |
) |
|
|
(3,955 |
) |
|
Reduction to GP Holdings' merger consideration related to SEC
settlement - related party |
|
|
(250 |
) |
|
|
— |
|
|
Units repurchased related to unit-based compensation |
|
|
(803 |
) |
|
|
— |
|
|
Net cash provided by (used in) financing activities |
|
|
76,769 |
|
|
|
(2,568 |
) |
|
Net increase in cash,
cash equivalents and restricted cash |
|
|
38,620 |
|
|
|
11,326 |
|
|
Cash, cash equivalents
and restricted cash—Beginning of
period |
|
|
18,147 |
|
|
|
6,821 |
|
|
Cash, cash equivalents
and restricted cash—End of
period |
|
$ |
56,767 |
|
|
$ |
18,147 |
|
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
32,239 |
|
|
$ |
25,606 |
|
|
Cash paid during the period for income taxes |
|
|
1,419 |
|
|
|
1,725 |
|
|
Cash paid for amounts
included in the measurement of lease liabilities: |
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
3,638 |
|
|
$ |
— |
|
|
Operating cash flows from finance leases |
|
|
495 |
|
|
|
— |
|
|
Financing cash flows from finance leases |
|
|
1,464 |
|
|
|
— |
|
|
Non-cash investing and
financing activities: |
|
|
|
|
|
Acquisition of assets by financing |
|
$ |
2,277 |
|
|
$ |
2,673 |
|
|
Classification of assets as held for sale |
|
|
23,340 |
|
|
|
543 |
|
|
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