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    Parker Snure • Raymond James

    Parker Snure's questions to Service Corporation International (SCI) leadership

    Parker Snure's questions to Service Corporation International (SCI) leadership • Q2 2025

    Question

    Parker Snure of Raymond James inquired about the expected seasonality of funeral volumes in the second half, any changes to preneed cemetery payment terms, the sustainability of the long-term 8-12% growth algorithm, and any lingering business impact from recent fires near Rose Hills.

    Answer

    Chairman, President & CEO Thomas Ryan acknowledged that Q3 presents a tough year-over-year comparison for funeral volumes but an easier one for preneed cemetery sales. Executive VP & CFO Eric Tanzberger confirmed no material changes to cemetery payment terms, noting strong installment receipts. Ryan also expressed confidence in the 8-12% long-term growth algorithm, citing positive underlying trends, and stated there is no noticeable ongoing business disruption from the fires.

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    Parker Snure's questions to Service Corporation International (SCI) leadership • Q1 2025

    Question

    Parker Snure inquired about the risk of consumer trade-downs in at-need funeral services due to macro pressures and asked for clarification on the earnings and volume impact from M&A activity.

    Answer

    CEO Thomas Ryan stated that historically, the company has not seen significant trade-downs on at-need funerals during tough economic cycles, as it's an emotional purchase. CFO Eric Tanzberger clarified that reported volume growth is on a same-store basis, adjusted for M&A. He estimated that acquisitions typically contribute 1-3 percentage points to the company's overall 8-12% annual earnings growth framework, depending on the timing and scale of deals.

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    Parker Snure's questions to Service Corporation International (SCI) leadership • Q3 2024

    Question

    Parker Snure, on for John Ransom, asked about the drivers of stability in the lower-end preneed cemetery consumer segment, the impact of recent hurricanes in Florida on operations, and the integration process and synergy realization for newly acquired businesses.

    Answer

    Executive Vice President and CFO Eric Tanzberger stated that stability in the core cemetery business is not due to loosening payment terms or unusual incentives but is related to lead flow from funeral volumes. Chairman and CEO Thomas Ryan added that the Florida hurricanes caused a temporary shutdown of about a week to 10 days, creating a minor headwind of perhaps $0.01-$0.02 for the quarter, but business has since bounced back. Regarding acquisitions, Tanzberger explained that synergies are realized quickly through national and local scale, with purchase multiples of 8-10x EBITDA pre-synergies. He emphasized that the acquired businesses are fundamentally solid and that former owners often stay on, which aids in a smooth, accretive integration.

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    Parker Snure's questions to Guardian Pharmacy Services Inc (GRDN) leadership

    Parker Snure's questions to Guardian Pharmacy Services Inc (GRDN) leadership • Q4 2024

    Question

    Parker Snure of Raymond James inquired about the key factors in the earnings bridge from 2024 to 2025, beyond public company costs. He also asked for an update on discussions with PBM partners regarding the Inflation Reduction Act (IRA) and queried the potential Q1 business impact from a longer-than-usual flu season.

    Answer

    Executive David Morris explained that the 2025 outlook is based on high single-digit organic growth combined with M&A, describing it as "steady as we go." Regarding the IRA, Morris stated that management is comfortable with the progress of discussions and confident in their ability to mitigate any headwinds. He also clarified that a severe flu season doesn't materially impact their business, as they aim to vaccinate nearly all residents regardless. Executive Fred Burke added that any related prescription impact would be marginal.

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