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CARRIAGE Carriage Services Announces Record Second Quarter and First Half Results : July 27 , 2021 • Record Second Quarter and First Half Results ; • Increase in Rolling Four Quarter , 2021 and 2022 Outlooks ; • Invested $ 12.3 million repurchase 325,000 shares ( $ 38 per share ) in second quarter ; SERVICES • Increase in Intrinsic Value Roughly Right Range to $ 55 to $ 65 Per Share ; and • Increase of $ 25 million in Approved Stock Repurchase Program to $ 63 million . HOUSTON , July 27 , 2021 ( GLOBE NEWSWIRE ) Carriage Services , Inc. ( NYSE : CSV ) Mel Payne , Chairman and CEO , stated , " After our highly successful refinancing of $ 400 million 6.625 % senior notes into a new issue of eight year $ 400 million 4.25 % senior notes on May 13 , 2021 , we have continued to execute our funeral and cemetery portfolio operations and sales performance at an extraordinarily high level even as we have moved into a more normalized post COVID - 19 Pandemic Crisis death rate environment during the second quarter . We are now positioned to optimize long term shareholder value creation through continued outstanding execution of our operating and strategic acquisition models and savvy , disciplined and flexible capital allocation of our recurring and increasing Free Cash Flow into high return investments over the next eight years , while simultaneously maintaining a moderate leverage profile of 4 times Debt to EBITDA Ratio or less . The balance of this 2021 second quarter earnings release will be equivalent to the fourth extension of my 2020 Shareholder Letter ( first was first quarter release on April 21 , second was my refinancing and intrinsic value commentary on May 13 , 2021 , third was announcement of three Executive Team Promotions on June 2021 ) , i.e. a journey through " highly transparent " high performance data sequentially shown on the following pages as follows : • Second Quarter and First Half Comparative Performance Highlights ; • Five Quarter Trend Report Ending June 30 , 2021 ; • Same Store Funeral Revenue Monthly Trends and Drivers Six Months Ending June 2021 ; • Second Quarter and First Half 2021 versus 2020 Overhead / Incentive Compensation Comparison ; • Rolling Four Quarter Outlook Ending June 30 , 2022 and Updated and Increased Two Year Scenario 2021/2022 ; ● Updated and Increased Intrinsic Value Per Share Range and Capital Allocation Strategy and Priorities ; • Free Cash Flow and Leverage Update ; and • Second Quarter and First Half Trust Performance / Impact on Reported Financial Segment . SECOND QUARTER 2021 COMPARATIVE PERFORMANCE HIGHLIGHTS • Total Revenue of $ 88.3 million , an increase of $ 10.8 million or 13.9 % ; • Same Store Funeral Contracts of 9,061 , an increase of 0.1 % ; • Same Store Funeral Revenue of $ 47.3 million , an increase of $ 3.0 million or 6.7 % ; • Same Store Cemetery Revenue of $ 16.5 million , an increase of $ 5.0 million or 42.8 % ; • Same Store Cemetery Field EBITDA of $ 7.6 million , an increase of $ 3.9 million or 106.7 % ; • Same Store Cemetery Field EBITDA Margin of 45.9 % , an increase of 1,420 basis points ; • Acquisition Cemetery Revenue of $ 8.2 million , an increase of $ 4.1 million or 101.6 % ; • Acquisition Cemetery Field EBITDA of $ 4.7 million , an increase of $ 3.3 million or 230.1 % ; Acquisition Cemetery Field EBITDA Margin 57.9 % , an increase of 2,250 basis points ; ● • Total Field EBITDA of $ 40.0 million , an increase of $ 6.8 million or 20.4 % ; • Total Field EBITDA Margin of 45.3 % , an increase of 240 basis points ; ● Adjusted Consolidated EBITDA of $ 28.7 million , an increase of $ 3.3 million or 12.9 % ; • Adjusted Consolidated EBITDA Margin of 32.5 % , a decrease of 30 basis points ; ● Adjusted Diluted EPS of $ 0.64 , an increase of $ 0.19 or 42.2 % ; Adjusted Proforma ( 1 ) Diluted EPS of $ 0.70 , an increase of $ 0.25 or 55.6 % ; Adjusted Free Cash Flow of $ 12.3 million , a decrease of $ 5.6 million or 31.1 % ; ● ● ● Adjusted Free Cash Flow Margin of 13.9 % , a decrease of 920 basis points ; Adjusted Proforma ( 1 ) Free Cash Flow of $ 13.4 million , a decrease of $ 4.5 million or 25.1 % ; Adjusted Proforma ( 1 ) Free Cash Flow Margin of 15.2 % , a decrease of 790 basis points ; • GAAP Net Loss of $ 6.2 million , a decrease of $ 12.6 million equal to 196.4 % ; and • GAAP Diluted Loss Per Share of $ 0.33 , a decrease of $ 0.69 per share equal to 191.7 % . ● The increases in our record consolidated performance metrics , i.e. Adjusted Consolidated EBITDA / Margin , Adjusted and Proforma EPS , and Adjusted and Proforma Free Cash Flow / Margin in the second quarter and first half of 2021 compared to 2020 would have been even higher if not for the under